Bottino Holdings to Replace Existing Shop-Rite Supermarket on Delsea Drive in Vineland, NJ
ARLINGTON, Va., June 24, 2013 /PRNewswire/ — National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, completed a $6.2 million financing transaction for Bottino Holdings, a Wakefern Cooperative Member that operates the Shop-Rite Supermarket on Delsea Drive in Vineland, New Jersey. The Bank 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 infusion of funds allowed Bottino Holdings to move forward with its plans to replace its existing Shop-Rite supermarket with a new facility for its customers. Barry Silver, Executive Vice President of NCB, made the announcement.
(Photo: http://photos.prnewswire.com/prnh/20130624/PH36316 )
"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, NJ store," said Barry Silver. "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 is a vital resource for the cooperative grocery community, providing over $33 million in new loans last year, and $20 million to date this year. The Bank offers commercial loans, real estate loans, lines of credit, deposit products and full service cash management.
As part of last year's United Nations declaration of the International Year of the Cooperative in 2012, the Bank is continuing one of the initiative's main principles to promote the growth and stability of cooperatives. This is also a key mission of the Bank, which was established to meet the very needs of this community. As a cooperative itself, the Bank is able to work closely with its customers and build financing solutions tailored to address the needs of each member-owned organization.
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. The City is undertaking a redevelopment of the area, spending a significant amount remediating environmental issues and funding the demolition of buildings. The proposed project is expected to serve as a catalyst for the future growth of the area as outlined in the City Redevelopment Plan.
For more information on financing available for grocery cooperatives, please contact Barry Silver at (703) 302-1955 or Email.
About NCB:
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations.
Contact:
Jordana Marks – Great Ink (212) 741-2977
OR
Mary Alex Blanton – NCB (703) 302-8876