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New Jersey Motorsports Park Finalizes Refinancing Plan, Expands Ownership Group
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New Jersey Motorsports Park Managing Members Lee Brahin and RJ Valentine have announced that NJMP has completed a mortgage refinance.
The transaction, which was first initiated in 2014, has substantially reduced the Millville, New Jersey-based facility’s mortgage balance and debt service payments. Additionally, ownership has acquired the equity interest of the former investment bank partner. New Jersey Motorsports Park will now command the future growth and operations at the 500-acre premier racetrack and entertainment facility.
In a statement, RJ Valentine 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.”
The park also announced the sale of membership interests to new partners that have joined the ownership group.
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, New Jersey, has joined the management team as general manager, and will handle day-to-day operations at New Jersey Motorsports Park.
For more, visit www.njmp.com.
The transaction, which was first initiated in 2014, has substantially reduced the Millville, New Jersey-based facility’s mortgage balance and debt service payments. Additionally, ownership has acquired the equity interest of the former investment bank partner. New Jersey Motorsports Park will now command the future growth and operations at the 500-acre premier racetrack and entertainment facility.
In a statement, RJ Valentine 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.”
The park also announced the sale of membership interests to new partners that have joined the ownership group.
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, New Jersey, has joined the management team as general manager, and will handle day-to-day operations at New Jersey Motorsports Park.
For more, visit www.njmp.com.
