CRE Lender Procida Clinches $39M Judgement for Plaza Grande Project
Procida Funding & Advisors secured a $39 million judgment against a developer involving the Plaza Grande project in Cherry Hill.
Completed this summer – after nearly two decades of work – the 55-plus residential rental community stands on the former site of Garden State Racetrack.
According to an Oct. 14 announcement from commercial real estate lender Procida Funding, the Sept. 30 New Jersey Superior Court judgment stems from a $130 million refinancing and construction loan it previously provided for the project. The 100 Mile Fund LLC, the exclusive fund manager of the plaintiff, issued the loan to developer John Fasciano, the announcement said.
Cole Schotz PC represented Procida in the matter. The trial team included attorneys Leo Leyva, Brandon Fierro, Arielle Wasserman, Tiffany Castillo and paralegal Amy Figiel. “This outcome reflects the strength of our litigation team and our commitment to protecting our clients’ investments,” the firm wrote on its website announcing the judgment.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication. No aspect of this advertisement has been approved by the highest court in any state.
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