Old Bridge-based Amboy Bank, a full-service commercial bank, and real estate and business development company K Johnson Enterprises LLC announced they have closed on a sequence of construction loans for the developer, supplying financing of approximately $51 million for the development and construction of over 400,000 square feet of retail and medical office space.
Founded and led by former NFL player Kevin Johnson, this loan is the third provided from Amboy Bank.
Amboy Bank previously provided $10 million to finance K Johnson’s 120,000-square-foot fitness center in Bordentown, Team 85 Fitness and Wellness, which provides a one-stop shop to meet 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 and chief executive officer of Amboy Bank.
K Johnson Enterprises LLC is based in Bordentown.