New Jersey Motorsports Park Makes Major Financing Announcement

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MILLVILLE – Managing members of the New Jersey Motorsports Park have announced a development plan for for Millville-based facility.
Lee Brahin and RF Valentine, who lead the ownership team for NJMP, confirmed that the organization has completed a mortgage refinance effort, which was first initiated in 2014 and has drastically reduced the facility's mortgage balance and debt-service payments.
Furthermore, it has been announced that NJMP ownership has acquired the equity interest of the former investment bank partner in addition to the sale of membership interests to new partners that have joined the ownership group.
The New Jersey Motorsports Park opened in 2008 and has expanded a significant amount since.
Currently under construction is a 15,000-square-foot-performance racing service facility, located to the left of the main entrance area, which is scheduled to open in Spring 2016.
The company Forty 7 Motorsports will provide high-performance automobile and motorcycle service as well as offer storage services. The Exotic Car Garage project has also sold out phase I in March 2015 with expectations of phase II and III to go under construction in the spring or summer of 2016.
Along with Brahin and Valentine, NJMP’s ownership team will include chief operating officer and general manager Brad Scott. IN addition, Mark Verrastro has joined the management team as the general manager and will oversee daily operations at the Park.
"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."
The NJMP currently offers several attractions, such as concerts, mud runs, car shows, wine tastings and  other off-track events. The catering division hosts several events throughout the year as well, including weddings and holiday parties.
Although Go-Karting at NJMP is a huge attraction, the facility added the Battlegrounds Paintball Field in 2014 as well as a swimming pool.
For more information about the New Jersey Motorsports Park, visit njmp.com.

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