Private lender loan paves the way for 61 residential units.
ENGLEWOOD, N.J., Nov. 18, 2025 /PRNewswire/ — Kennedy Funding, a leading global direct, private lender, closed a $2.85 million loan for a planned mixed-use development in a rapidly growing North Jersey municipality.
The lender closed the land loan at a 55% loan-to-value (LTV) ratio against two parcels totaling 2.20 acres located at 270 Irvington Avenue and 299 Irvington Avenue in South Orange, New Jersey.
“At Kennedy Funding, we want to maximize opportunity for every borrower, which is not always easy when securing a land loan,” said Mark Falzone, Executive Loan Officer at Kennedy Funding and the lead executive on the deal. “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.”
The two lots were purchased in an all-cash deal for $5.1 million in August 2025. When completed, the mixed-use complex will feature 61 residential units and several commercial spaces across three buildings. Construction is set to begin in 2027.
The largest building at 270 Irvington Avenue will feature 41 residential units on top of 11,052 square feet of commercial space. A smaller building behind it will have eight apartments over 4,566 square feet of commercial space. Across the street at 299 Irvington Avenue is the future site of the third building, with 12 residential units over 7,137 square feet of commercial space. Plans call for 115 parking spaces, some aboveground and some underground, at 270 Irvington Avenue.
“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,” said Kevin Wolfer, CEO and President, Kennedy Funding. “Understanding these economic factors is key whenever we evaluate a deal.”
The South Orange-Maplewood area in Essex County attracts artisans, families, and young professionals from New York City and throughout New Jersey. A creative community has thrived in recent years in South Orange, where creator marketplaces and galleries feature the many local artists who flock to that area. Painters, photographers, writers, and sculptors across multiple disciplines are among the many working artists who call South Orange home.
The future complex is steps from South Orange’s vibrant downtown, home to the South Orange Performing Arts Center and a thriving business community. For commuters, the mixed-use development is six blocks from the South Orange train station into New York City and minutes from the Garden State Parkway. Future residents and shoppers will have easy access to I-280, I-78, and Newark Liberty International Airport as well.
“Smart development projects in high-demand neighborhoods are a perfect way to bring value to an empty property and vibrancy to a community,” Wolfer said. “Whether artisans, North Jersey commuters, or train riders into New York City, South Orange’s prime location and brimming arts scene offer culture and convenience for everyone.”
Kennedy Funding has closed more than $4 billion in loans to date.
“We have seen enormous lending activity on land,” adds Falzone. “Borrowers from all of the U.S. and abroad are looking to close by the end of the year, and we are working hard to meet the demand.”
The direct private lender offers loan sizes from $1 million to $50 million. For more information, visit www.Kennedyfunding.com.
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
Visit www.kennedyfunding.com.
SOURCE Kennedy Funding
