The Initial Development and Ownership Changes
In the early 2000s, D.R. Horton embarked on the Plaza Grande project. This was part of a $1 billion master plan, following their acquisition of a critical 33-acre portion of the former Garden State Park racetrack.
The vision was to create a luxury condominium community for residents aged 55 and over. These plans were central to a broader 330-acre redevelopment initiative.
However, the 2008 financial crisis brought progress to a halt. Ownership changes further delayed construction outcomes. The inventory surge in the housing market further exacerbated delays, as developers struggled with the economic instability of the time. The complex is located at Haddonfield Road and Chapel Avenue in Cherry Hill, NJ, which is considered an “amazing location” due to its accessibility to retail and recreational facilities.
Turnberry Homes acquired the project but soon passed it on, leading to involvement from multiple developers over the years. This frequent change in ownership fragmented the project.
As a result, the completion timeline extended, challenging the initial development intentions.
Details of Procida Funding & Advisors’ Role
The Plaza Grande development faced challenges due to frequent ownership changes and economic setbacks. Ultimately, it saw revitalization under Procida Funding & Advisors’ stewardship.
Procida Funding & Advisors played a pivotal role by securing a $140 million loan. This was in partnership with Madison Realty Capital and Pearlmark Real Estate LLC, enabling the project’s completion. The growing trend for age-restricted and active adult communities has fueled significant leasing even before the project’s completion. With investor shift toward multi-family properties, there is potential for further development in the real estate sector.
Their financing strategies included a $115.2 million mortgage loan. A $24.7 million mezzanine loan was also essential for the final phase.
Procida’s project management excellence was evident as they transformed the stalled development. They acted as both developer and lender, overseeing construction and managing leasing.
The outcome was exceptional occupancy rates, showcasing their capability in complex financial structuring. Procida guaranteed successful project completion through their strategic efforts.
Comprehensive Amenities for Active Adults
Cherry Hill Plaza Grande offers a comprehensive range of amenities designed for the active lifestyles of its adult residents.
At the heart of the community is an 18,500-square-foot clubhouse, providing a vibrant environment for diverse activities.
Swimming enthusiasts can enjoy both indoor and outdoor saltwater pools. These facilities are perfect for those who love to swim year-round.
For racquet sports fans, there are tennis and pickleball courts available. These courts are great for fostering community engagement through friendly matches.
Residents can also take advantage of the theater for social gatherings.
The arts & crafts studios offer creative outlets for everyone to enjoy.
Outdoor enthusiasts will appreciate the walking trails and bocce ball courts. These amenities promote a healthy lifestyle and encourage social interaction.
Additionally, wellness services are available, underscoring a multifaceted approach to health.
The combination of all these amenities ensures a fulfilling lifestyle for every resident.
Current Status and Future Prospects
Lauded for its extensive amenities, Plaza Grande now finds itself at a critical juncture as it reaches full completion.
Having overcome numerous financial and legal challenges, the development sees accelerated leasing trends with approximately 15 new tenants per month.
This robust leasing velocity is driven by community appeal among active adults aged 55 and older.
The site’s proximity to Philadelphia, and its 507 upscale units nestled within a larger mixed-use redevelopment, accentuates its desirability.
Many incoming residents seek low-maintenance living paired with a vibrant assortment of amenities.
As the project achieves full occupancy, future prospects appear promising.
Investor confidence remains high under the stewardship of Billy Procida, who guided Plaza Grande to its long-awaited success amid challenging circumstances.
Assessment
The completion of Cherry Hill Plaza Grande signifies a major achievement after a lengthy 25-year delay. This development experienced an intricate journey shaped by financial shifts and ownership changes.
These challenges underscore the complex dynamics involved in real estate investments. Procida Funding & Advisors were instrumental in bringing the project to fruition.
Today, the Plaza Grande offers unparalleled amenities for active adults. This signals a promising and vibrant future for the community.
Both investors and residents anticipate a lasting impact on Cherry Hill’s economic and social fabric. This development is expected to transform the area significantly.
5 Responses
25 years for Cherry Hill Plaza Grande? This reeks of mismanagement. And Procidas role? I smell a rat, guys. Whats really going on?
25 years, really? How about we talk about the impact on local businesses? Whos benefiting here, Procida or the community?
Finally! But was the 25-year delay due to poor management or was Procida Funding just being overly cautious? Whats the real story here guys?
Was it really worth waiting 25 years for Plaza Grande? Procida Fundings role seems sketchy. More amenities for young adults, please!
Yeah, but 25 years for Cherry Hill Plaza Grande? Procidas role is unclear, and did the delay affect the amenities? What about future prospects?