Kennedy Funding closed a $2.85 million land loan for a planned mixed-use development in the high-demand North Jersey municipality of South Orange, according to a Monday announcement.
The loan was closed at a 55% loan-to-value (LTV) ratio against two parcels totaling 2.20 acres located at 270 Irvington Avenue and 299 Irvington Avenue. The land was recently purchased in an all-cash deal for $5.1 million in August 2025.
When completed, the complex will feature 61 residential units and several commercial spaces across three buildings. Construction is set to begin in 2027.
“Housing needs in New Jersey are growing each year, and mixed-use developments like this one will deliver much-needed units to a heavily populated area of the state,” Kevin Wolfer, CEO and president of Kennedy Funding said. “Understanding these economic factors is key whenever we evaluate a deal.”
The project is designed to integrate residential living with commercial activity, catering to the growing number of young professionals, families, and artisans attracted to the South Orange-Maplewood area of Essex County.
The three planned buildings include:
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270 Irvington Avenue (Largest Building): Features 41 residential units above 11,052 square feet of commercial space.
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270 Irvington Avenue (Smaller Building): Will house eight apartments over 4,566 square feet of commercial space.
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299 Irvington Avenue: The third building will feature 12 residential units above 7,137 square feet of commercial space.
The plans also include 115 parking spaces, split between aboveground and underground at 270 Irvington Avenue.
The location offers significant advantages for residents and businesses. The future complex is just six blocks from the South Orange train station, which provides direct service into New York City. The area is also minutes from the Garden State Parkway, I-280, I-78, and Newark Liberty International Airport, making it a prime location for commuters.
“Smart development projects in high-demand neighborhoods are a perfect way to bring value to an empty property and vibrancy to a community,” Wolfer added.
Mark Falzone, executive loan officer at Kennedy Funding, highlighted the firm’s expertise in land financing. “Our experience closing billions in land loans gives us the experience and knowledge necessary to help borrowers capitalize on as much value as possible from their properties,” he said.
Englewood-based Kennedy Funding offers loan sizes from $1 million to $50 million and has closed more than $4 billion in loans to date.
