Sparta, NJ According to G.S. Wilcox & Co., principal David Fryer has secured $12 million in financing for a new ShopRite supermarket that will open in October. The financing was provided for the 80,000 s/f ShopRite and 15,000 s/f ShopRite Wine & Spirits located on a pad site that anchors the new North Village at Sparta shopping center.
The financing was arranged by David Fryer of G.S. Wilcox & Co. on behalf of Sparta 283 Realty, LLC and Ronetco Supermarkets, Inc., which are owned by the Romano Family, who have been in the grocery business since 1927. Genworth Financial, a correspondent life insurance company lender of the firm, financed the $12 million loan with a 20-year term and 20 year amortization.
The center is one of Sussex County’s newest and largest shopping centers, totaling 140,000 s/f featuring 45,000 s/f of multi-tenant retail, professional and restaurant space.
“G.S. Wilcox & Co. is pleased to secure this financing on behalf of our client. The Romano’s newest ShopRite supermarket has been much anticipated by the local residents and brings ShopRite’s shopping experience and low prices to the residents of Sparta and greater Sussex County,” said Fryer in a prepared statement.
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