Village Super Market Secures $5.6 Million NMTC Financing for East Orange Store Construction
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Village Super Market Inc. has secured $5.6 million in financing for a new store in East Orange, NJ, through a deal with Valley National Bank Community Investment Fund under the New Markets Tax Credit program. The financing includes a $4.4 million loan at 1.0% interest from VSM New Markets II LLC and a $1.9 million contribution from Valley Bank. The investment fund provided $6 million to a community development entity, which then loaned $5.6 million to Village Super Market at a 1.24% interest rate. The arrangement was approved by the company’s Audit Committee.
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