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270 Irvington Avenue

Updated Nov 20, 2025

Mark Falzone & Kevin Wolfer Of Kennedy Funding Provide $2.85 Million Loan For Land In South Orange
FINANCEDLand

Mark Falzone & Kevin Wolfer Of Kennedy Funding Provide $2.85 Million Loan For Land In South Orange

270 Irvington Avenue

$2,850,000

Building Size

—

Asset Type

Land

Closing

Nov 18, 2025

About this deal

AI

The transaction involved two parcels of land located at 270 and 299 Irvington Avenue in South Orange, New Jersey, totaling 2.2 acres. The properties were purchased for $5.1 million in August 2025 and have been financed through a loan amounting to $2,850,000 at a loan-to-value ratio of 55%. The planned mixed-use development on this land will feature 61 residential units along with multiple commercial spaces spread across three buildings, with construction anticipated to commence in 2027.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $2,850,000
  • Address: 270 & 299 Irvington Avenue
  • Market: South Orange
  • Acres: 2.2
  • Lender: Mark Falzone & Kevin Wolfer - Kennedy Funding
  • Purchase Price: $5.1 million
  • Loan-to-Value Ratio: 55%
  • Development Plans: 61 residential units and multiple commercial spaces
  • Construction Start Year: 2027

Mark Falzone and Kevin Wolfer of Kennedy Funding facilitated the land loan, highlighting their role as lenders in this transaction. Their involvement underscores their contribution to financing the planned development, which aims to enhance the area's real estate offerings through a mixed-use approach.

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$2,850,000

Land

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Players

Kevin Wolfer

Kennedy Funding

Lender

$14.7M

vol

5 deals

Lender
Kennedy Funding
Kennedy FundingLender

South Orange Land Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.57%

Cash-on-Cash

-1.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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