VINELAND, NJ—Washington, D.C.-based National Cooperative 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 in deals like 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.