Genworth Financial Provides $12M Construction Loan for ShopRite Supermarket in Sparta, New Jersey

by Alex Patton

SPARTA, N.J. Genworth Financial has provided a $12 million construction loan for an 80,000-square-foot ShopRite supermarket and an adjacent 15,000-square-foot ShopRite Wine & Spirits store in Sparta, a city located about 45 miles west of New York. The loan carries a 20-year term and 20-year amortization schedule. David Fryer of G.S. Wilcox & Co. arranged the loan on behalf of the borrower, a partnership between Sparta 283 Realty LLC and Ronetco Supermarkets Inc. Construction is slated for completion in October 2019.

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