Tuesday, March 19, 2019

Amboy Bank Lends $51 Million to Ex-NFL Player for New Jersey Project

Kevin Johnson, a former NFL player who is now a New Jersey real estate developer, closed on roughly $51 million in construction loans from Amboy Bank to build retail and medical offices in Burlington County.

The bank, based in Old Bridge, New Jersey, supplied loans to K Johnson Enterprises, the firm founded and led by Johnson, who plans more than 400,000 square feet of space. He is one of several former professional athletes who are involved in commercial real estate development in the Garden State.

Retired basketball great Shaquille O’Neal, a native of Newark, in partnership with Boraie Development has apartment projects in his hometown: a 33-story, 370-unit complex at 777 McCarter Highway and a 22-story, 169-unit apartment building at 1 Rector St. And ex-MLB All-Star Maurice "Mo" Vaughn, through his company Omni America, has purchased and is renovating two low-income housing complexes in Newark.

Amboy Bank's latest loan is the third in a sequence that the bank has provided K Johnson. It previously provided $10 million to finance the company's 120,000-square-foot fitness center in Bordentown, a facility called Team 85 Fitness and Wellness. It is located at 8500 K. Johnson Blvd.

The real estate firm received an additional loan from Amboy Bank totaling more than $40 million to develop medical buildings at the Team 85 campus in Bordentown, according to the bank.

“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,” Amboy Bank Chief Executive Gregory Scharpf said in a statement, “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.”

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