VINELAND, NJ—Washington, D.C.-basedCooperative Bank (NCB) has competed a $6.2 million financing transaction for Bottino Holdings, a Wakefern Cooperative Member that operates a Shop-Rite Supermarket on Delsea Drive in Vineland, N.J.
NCB provided a portion of the financing for the Wakefern co-op member to refinance a bridge loan from The Reinvestment Fund (TRF) and partially refinance a New Market Tax Credit associated with this transaction. The funds allowed Bottino Holdings to move forward with plans to replace the existing Shop-Rite supermarket with a new facility.
“We are pleased to provide this vital funding to another Wakefern food co-op member, especially one located in a food desert, as is the case of the Vineland, N.J. store,” said Barry Silver, executive vice president of NCB. “We have a long-standing relationship with Wakefern co-op members and are proud to be a financial resource for them. As a socially responsible bank, we are equally pleased to be involved inlike this one that are making an important difference in the communities they serve.”
NCB’s grocery program provided more than $33 million in new loans last year, and $20 million to-date this year.
The Shop-Rite on Delsea Drive is part of a new retail shopping center being built on a vacant parcel of land owned by the City of Vineland.