Refinance transaction will secure future development of the racing and entertainment complex
Millville N.J- New Jersey Motorsports Park Managing Members Lee Brahin and RJ Valentine have today announced that NJMP has completed a mortgage refinance. 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 exciting change New Jersey Motorsports Park will command the future growth and operations at the 500-acre premier racetrack and entertainment facility located in Millville New Jersey.
In a statement from RJ Valentine he commented, “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.”
In this announcement the park announced the sale of membership interests to new partners that have joined the ownership group. “During the refinance process we offered an opportunity to join the ownership group to a limited and targeted group of potential business partners. The ownership team lead by Lee Brahin and Richard Valentine will provide a high level powerful team that will have a great impact in the racing industry during 2016 and beyond
In addition, chief operating officer and general manager Brad Scott will also join the ownership group and work closely with managing members Lee Brahin and RJ 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” says Mark Verrastro.
“This is what we have been working diligently to accomplish”, says Lee Brahin managing member. “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.”
New Jersey Motorsports continues to grow and expand the motorsports entertainment facility. Presently under construction is a 15,000 square foot performance racing service facility located to the left of the main entrance area. This exciting addition to NJMP is scheduled to open in spring 2016. Forty 7 Motorsports will provide high performance automobile and motorcycle service and will offer storage services for the racing enthusiast. In other development news the Exotic Car Garage project has sold out phase I in March 2015 and phase II and phase III are expected to go under construction in spring/summer 2016. The Exotic Car Garage project has been a welcomed addition to the complex providing garage to the buyers who want to get their cars ready for the track and have a place to rest up for the next action packed day. These units have been touted at “the ultimate man cave” geared to those with that need for speed. Some owners have included kitchens and entertainment areas. The sky is the limit as far as customization of the units, “if you can dream it, we can build it” says Brad Scott Chief Operating Officer. The park has also announced that it will begin to seek a ten year naming rights deal for the 500 acre facility.
Since its opening in 2008 New Jersey Motorsports Park has continued to grow and diversify in the services offered and has become a world class venue. In addition to automobile and motorcycle racing events the 2015 schedule included concerts, mud runs, car shows, wine tastings and many other off track events. The catering division of the facility hosts events year round from weddings to holiday parties, the list is endless. In addition to Go-Karting at NJMP, the Battlegrounds Paintball field was added in 2014 as well as a luxury swimming pool to the clubhouse grounds. NJMP is on the top list of corporate get away and team building destinations in the tri-state area incorporating all of the amenities that are offered as well as top notch catering selections to the total package.