A stalled development at 270 and 299 Irvington Avenue in South Orange has closed on a $2.85 million loan and appears to be moving forward after being stalled for two years.
The Peaks — approved as a 60-apartment mixed-use development at two locations on Irvington Avenue in South Orange — stalled in 2023 following the illness and death of the previous developer Sayid Nagim, who owned the two properties involved.
Kennedy Funding, a “global direct, private lender,” announced on Nov. 18 that it had closed on a $2.85 million loan for the “planned mixed-use development in a rapidly growing North Jersey municipality.”
The lender reported that the “two lots were purchased in an all-cash deal for $5.1 million in August 2025,” and that construction is set to begin in 2027.
Village Green has reached out to Village officials for information on the new owner/developer.
Read more about The Peaks here:
‘The Peaks’ Plan on Irvington Ave Has Attracted Developer Interest, Says Mayor, September 13, 2024
‘The Peaks’ 270-299 Irvington Ave Project Gets 1-Year Extension After Death of Owner, November 9, 2023
UPDATE: South Orange Trustees Approve 270/299 Irvington Ave Redevelopment Plan, December 14, 2020
Read the press release here:
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.
