By Joshua Burd
The owner of a new supermarket and liquor store at a Sparta shopping center has landed $12 million in financing, following a transaction arranged by G.S. Wilcox & Co.
The commercial mortgage banking firm, which is based in Morristown, announced that it secured the loan for the new 80,000-square-foot ShopRite and the 15,000-square-foot ShopRite Wine & Spirits along Route 15. The stores are slated to open in October and will anchor the North Village at Sparta shopping center, which spans roughly 140,000 square feet and will feature 45,000 square feet of multitenant retail, professional and restaurant space.
G.S. Wilcox & Co. Principal David Fryer completed the assignment on behalf of Sparta 283 Realty LLC and Ronetco Supermarkets Inc., both of which are entities owned by the Romano family. Genworth Financial, a correspondent life insurance company lender of G.S. Wilcox, provided the loan with a 20-year term and 20-year amortization.
“G.S. Wilcox & Co. is pleased to secure this financing on behalf of our client,” Fryer said. “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.”