Kennedy Funding, a direct private lender, closed a $2.85 million loan for a planned mixed-use development in South Orange.
The lender closed the land loan at a 55% loan-to-value ratio against two parcels totaling 2.20 acres located at 270 Irvington Ave. and 299 Irvington Ave. in the Essex County village.
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.
“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 largest building at 270 Irvington Ave. will feature 41 residential units on top of 11,052 square feet of commercial space. A smaller building behind it will have eight apartments and more than 4,566 square feet of commercial space.
Across the street at 299 Irvington Ave. is the future site of the third building, with 12 residential units and more than 7,137 square feet of commercial space. Plans call for 115 parking spaces, some aboveground and some underground, at 270 Irvington Ave.
The population of South Orange is 18,299, or 6,430.2 people per square mile.
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 downtown, home to the South Orange Performing Arts Center. 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 access to interstates 280 and 78, and Newark Liberty International Airport.
“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.
