Updated Oct 28, 2024
Procida Funding Provides $130M Construction Loan For 507-Unit Multifamily In Cherry Hill, NJ
700 Citation Lane, Cherry Hill, NJ, USA
$130,000,000
$519/SF
Building Size
250,205 SF
Asset Type
MultiFamily
Closing
Aug 23, 2021
About this deal
AI
The Plaza Grande, located at 700 Citation Lane in Cherry Hill, NJ, has been involved in a recent transaction. This multifamily property spans across 250,205 square feet and consists of 507 units. The transaction took place on August 23, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $130,000,000
- Loan Type: Construction
Procida Funding, represented by Brian Foley, Mike Coen, and Derek Weissman, provided a loan for the transaction. The loan amount amounted to $130,000,000. Additionally, John Fasciano was the builder involved in the process. It's worth noting that the Plaza Grande is a 55 and older community.
Players
Cherry Hill MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93