SOUTH ORANGE, N.J. - TelAve -- 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.

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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.

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. (http://www.kennedyfunding.com/)Kennedyfunding.com (http://www.kennedyfunding.com/).

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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.