A developer planning to build 61 apartments and retail space across three buildings in South Orange recently closed on a $2.85 million land loan.

Kennedy Funding has provided financing for the mixed-use development of two properties on Irvington Avenue. Construction is set to begin in 2027.

The private lender secured the loan at a 55% loan-to-value ratio for the 2.20-acre site, which includes properties at 270 and 299 Irvington Ave., according to a statement from the company.

The two lots were purchased in an all-cash deal for $5.1 million in August. The properties are a few blocks from Seton Hall University.

When completed, the complex will feature 61 residential units and several commercial spaces across three buildings.

The largest building at 270 Irvington Avenue will have 41 r

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