Kennedy Funding Closes Significant Land Loan for Mixed-Use Project
Private lender loan paves the way for 61 residential units.
Kennedy Funding, a prominent global lender known for its direct and private financing, has successfully closed a loan amounting to $2.85 million aimed at supporting a mixed-use development in a thriving municipality in North Jersey.
This land loan was finalized at a 55% loan-to-value (LTV) ratio, encompassing two parcels that together span 2.20 acres. These parcels are identified as 270 Irvington Avenue and 299 Irvington Avenue.
Mark Falzone, Executive Loan Officer at Kennedy Funding, who played a significant role in this transaction, stated, "At Kennedy Funding, our goal is to create opportunities for every borrower. Navigating the intricacies of securing a land loan can be challenging, but our extensive experience in closing billions in land loans equips us to help clients maximize their property’s potential.”
The two lots were secured through an all-cash transaction prioritizing efficient funding solutions, completed in the summer of 2025. Upon completion, this mixed-use complex is slated to include 61 residential units along with various commercial spaces across three distinct buildings, with construction anticipated to commence in 2027.
The largest of the proposed buildings at 270 Irvington Avenue will house 41 residential units complemented by 11,052 square feet of commercial space. Another building, positioned behind it, will feature eight apartments above 4,566 square feet of commercial space, while the site at 299 Irvington Avenue is set for the third building, planned to offer 12 residential units and 7,137 square feet of commercial area. The project also includes provisions for 115 parking spaces at 270 Irvington Avenue, combining underground and above-ground options.
Kevin Wolfer, CEO and President of Kennedy Funding, emphasized the growing demand for housing in New Jersey by stating, “The need for housing is increasing annually, and developments like this one are essential in providing the necessary units in densely populated regions of our state. Understanding these dynamics is crucial as we assess potential projects.”
The South Orange-Maplewood area has become a sought-after destination for art enthusiasts, families, and young professionals migrating from New York City and across New Jersey. This special community has blossomed, showcasing local artists through vibrant creator marketplaces, galleries, and studios, illustrating why the area draws a diverse array of creative individuals.
The future mixed-use development is conveniently located near the bustling downtown area of South Orange, which is home to the South Orange Performing Arts Center as well as a dynamic business ecosystem. Additionally, the development is strategically situated just six blocks from the South Orange train station, providing an easy commute into New York City. Accessibility to major highways and Newark Liberty International Airport will further enhance convenience for residents and visitors alike.
Wolfer further commented, “Smartly planned developments in high-need neighborhoods not only enhance the value of underutilized properties but also inject vibrancy back into the community. The blend of culture and accessibility in South Orange makes it an ideal location for all, from artists to commuters.”
Kennedy Funding has triumphed in closing over $4 billion in loans throughout its operational history.
According to Falzone, “There’s been a significant uptick in lending for land, with borrowers across the country and internationally looking to conclude transactions before year-end. We are diligently working to meet the increasing demand.”
This direct private lender offers loan amounts starting at $1 million, reaching up to $50 million. The firm is renowned for its expertise in providing creative financing solutions tailored to the needs of borrowers.
About Kennedy Funding
Kennedy Funding specializes as a global direct private lender, focusing on bridge loans for various purposes including commercial properties, land acquisition, development, workouts, bankruptcies, and foreclosures. The company has built a reputable history by providing financing options up to 75% loan-to-value, offering loans from $1 million to over $50 million with swift processing times.
Frequently Asked Questions
What is the total loan amount secured by Kennedy Funding?
Kennedy Funding has secured a total loan amount of $2.85 million.
What type of development is being funded?
The development is a mixed-use project that will feature residential and commercial spaces.
What is the expected completion date for the construction?
Construction is expected to begin in 2027.
How many residential units will the complex include?
The mixed-use complex will include 61 residential units.
What areas does Kennedy Funding serve?
Kennedy Funding serves a broad range of markets including the U.S., Caribbean, Europe, Canada, and Central and South America.
