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Procida completes Cherry Hill development community; Taps Newmark to explore sale

Summary by ROI-NJ
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 to…
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