Amboy Bank, a full-service commercial bank based in Old Bridge, New Jersey, and K Johnson Enterprises, LLC (“K Johnson”), a real estate and business development company founded and led by former NFL player Kevin Johnson, today announced that they have closed on a sequence of construction loans for K Johnson Enterprises, LLC, supplying financing of approximately $51 million for the development and construction of over 400,000 Sq. Ft. of Retail and Medical Office Space.
This loan is the third to K Johnson from Amboy Bank. Amboy Bank previously provided $10 million to finance K Johnson’s 120,000 Sq. Ft. fitness center in Bordentown called Team 85 Fitness and Wellness, which provides local community members a one-stop shop to meet their fitness, sports, family, and wellness needs. K Johnson also received two additional loans from Amboy Bank totaling more than $40 million to develop Medical Building Complexes, also local on the Team Campus Bordentown.
“Throughout our 130-year history as an independent bank, we have never lost sight of the fact that partnering with inventive individuals based in our own local communities boosts our success and creates a positive impact across New Jersey,” said Gregory Scharpf, President & CEO of Amboy Bank. “Having worked with Kevin since 2014, he has clearly demonstrated his commitment to his clients and his community, and we are pleased to provide support in this next venture.”
“Our relationship with Amboy Bank has grown into a true partnership,” said Kevin Johnson, CEO of K Johnson Enterprises, LLC. “They continue to see the opportunity, believe in my vision and invest with me to better the Bordentown community. We’ve come a very long way together and intend to further strengthen that relationship well into the future. I look forward to beginning this next great project.”
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