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Procida Funding & Advisors secured a $140 million loan to complete The Plaza Grande in Cherry Hill.

Madison Realty Capital and Pearlmark Real Estate LLC provided the financing for the 55-plus community located at 700 Citation Lane. The project represents the final phase of the billion-dollar reinvention of the former Garden State Park racetrack.

Commenting on the deal, representatives noted the increasing draw of age-restricted and active adult communities. In addition to offering a low upkeep and a country club lifestyle, the 507-unit complex features the largest clubhouse in South Jersey, according to the team behind it, at 18,500 square feet.

“Demand for active adult communities is skyrocketing as people aged 55-plus seek maintenance-free, luxury living options,” said Billy Procida, president and CEO of Englewood Cliffs-based Procida Funding.

He also noted the continued collaboration with Madison Realty Capital.

In addition to working together “on several loans,” the vertically integrated real estate private equity firm initially provided construction financing for The Plaza Grande in 2021, according to Procida. “And we are pleased to expand our relationship as they had a deep understanding of our vision for the property and were able to work quickly to provide a customized financing solution that supports the completion and leasing of an adult living property that has been 20 years in the making.”

According to a new report from Cushman & Wakefield, the Northeast remains the strongest performer nationwide when it comes to senior living and care. Specifically noting active adult rentals as an emerging segment, CushWake put the average occupancy of these multifamily-senior living hybrids at 95.6% with rent growth surpassing 5% in the first quarter of 2025.

Amenities at The Plaza Grande include:

• Indoor and outdoor pools
• Tennis and pickleball courts
• Theater
• Indoor golf
• Sauna and massage rooms
• Lounge areas

Meanwhile, in the first half of 2024 and H1 2025, investors identified active adult communities as the second-greatest segment for opportunity.

“We are pleased to provide a flexible financing solution to Procida for the completion of leasing at The Plaza Grand, an adult living community that is already significantly leased,” commented Josh Zegen, managing principal and co-founder, Madison Realty Capital. “This transaction reflects Madison’s commitment to supporting experienced developers and borrowers like Procida throughout multiple phases of a property’s lifecycle.

“We have completed multiple transactions with Procida and look forward to continuing our relationship on future opportunities.”

Pearlmark Managing Director Steve Gordon described the deal as “another excellent opportunity to partner with Madison Realty Capital and provide financing for an active adult 55+ community with a great amenity package that is nearing stabilization.”

The Plaza Grande offers a location 15 minutes from downtown Philadelphia as well as convenient access to the Jersey Shore. Other nearby activities include entertainment, fine dining, shopping and public transportation options.