Procida Funding on Friday announced it retained Newmark, led by Adam Spies and Erin Miller, to market the Plaza Grande at Cherry Hill community for sale.
Procida took ownership of the Plaza Grande in June 2023 through a UCC foreclosure sale after their borrower defaulted on a $130 million construction loan. At that time, 300 units remained unfinished. Since then, Procida has spent over $50 million to complete the remaining units, bringing the total unit count to 507.
Situated within Garden State Park, a former racetrack, the property is surrounded by a thriving retail hub with national tenants including Trader Joe’s, Wegmans, Cheesecake Factory, Crate & Barrel, and Capital Grille—all within walking distance.
Plaza Grande has one of the largest club houses in New Jersey at 20,000 square feet, featuring an indoor saltwater lap pool, outdoor pool, state-of-the-art fitness center, luxurious locker rooms, movie theater, golf club, ballroom for events, concerts, and parties
It is conveniently located just 10 minutes to Downtown Philadelphia and 20 minutes to Philadelphia International Airport.
