Listen to this articleThe basics:
- Procida Funding & Advisors awarded $39M judgment against developer John Fasciano
- Judgment enforces personal and completion guaranties tied to Plaza Grande
- 55+ residential community in Cherry Hill completed this summer with 77% occupancy
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.
The borrower was already in default with a prior lender when the Procida loan closed, according to that lender. Following months, Fasciano declined to enter into a forbearance agreement and pursued third-party refinancing, Procida Funding explained. When that effort failed, the 100 Mile Fund and Procida initiated foreclosure proceedings in June 2023.
The firm also assumed control of the property, and accelerated the pace of the work.
A rarity
Procida said it later filed suit to enforce two personal guaranties signed by Fasciano. That included a completion guaranty obligating Fasiano to cover costs included by the 100 Mile Fund in completing the project.
After a seven-day June 2025 bench trial, Judge Anthony Suarez of Bergen County Superior Court awarded the judgment against Fasciano personally for breach of guaranty.
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.
Billy Procida, president and CEO of Procida Funding & Advisors, said, “It’s unfortunate – we helped Mr. Fasciano avoid foreclosure with his prior lender and financed additional units. We rarely foreclose – 99% of our borrowers succeed because we work with them to find solutions. Fasciano simply refused our help.”
Representation for Fasciano was not immediately clear.
‘We don’t just build, we finish’
Tristate Ventures, led by managing partner Fasciano, began work on its 33-acre parcel at the massive 317-acre former racetrack in 2017.
According to Englewood Cliffs-based Procdia Funding, it completed 283 of the 507 units due at the community in under two years. The property has also drawn tenants, hitting 77% occupancy as of July 30.
“This was a 20-year journey that had been left unfinished for far too long,” Procida said at the time. “We knew this community deserved to be completed with care and urgency, and we’re proud to have done just that. We don’t just build, we finish.”
In June, Procida Funding & Advisors secured a $140 million refinancing to support final lease-up and stabilization at The Plaza Grande.
Later in the summer announcement, the firm characterized the leasing velocity as one of the fastest for an active adult community in the region.
Since 1995, Procida Funding & Advisors says it has completed more than 1,000 loans totaling over $5 billion.
