This transaction, which was first initiated in 2014, has substantially reduced the facility's mortgage balance and debt service payments. Additionally, ownership has acquired the equity interest of the former investment bank partner. With this change New Jersey Motorsports Park will command the future growth and operations at the 500-acre race track and entertainment facility located in Millville, N.J.
"Of course we're all thrilled to finalize the last step of our financing component for this amazing racing facility. It positions us all for a very positive and profitable future," said Valentine.
As part of the announcement the park announced the sale of membership interests to new partners that have joined the ownership group. Chief Operating Officer and General Manager Brad Scott will join the ownership group and work closely with managing members Brahin and Valentine leading the facility into the future. Mark Verrastro of Haddonfield N.J., has joined the management team as the general manager and will handle the day to day operations at New Jersey Motorsports Park.
"I am excited to join the NJMP team, the potential for growth of this facility is unlimited," said Verrastro.
"This is what we have been working diligently to accomplish," said Brahin. "The future of New Jersey Motorsports Park and the potential for future development is very exciting. We applaud the dedication of all those involved to seeing this to fruition and would like to especially thank our friends at TD Bank and the USDA for helping to make this happen.
We now have a 15 year fully amortizing loan which is one third less than the facility's original loan balance. The loan is partially guaranteed by the USDA providing NJMP with savings and certainty going forward."