JLL Capital Markets has secured $83.35 million in capitalization for ECCO, a 258-unit luxury multifamily development underway in Elizabeth, New Jersey.
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The financing package includes a $63.2 million construction loan from Bank OZK and a $20.15 million mezzanine placement arranged with PGIM.
ECCO represents Phase II of the larger Vintage City redevelopment, a nationally recognized mixed-use initiative that earned NAIOP’s Mixed-Use Deal of the Year Award in 2025.
Located at 250 Union Street in Elizabeth, Union County, ECCO sits directly across from the recently renovated $75 million Elizabeth Train Station. The transit-oriented site offers access to two NJ Transit rail lines with direct connections to New York Penn Station, Newark Liberty International Airport and Jersey Shore destinations. The property carries a Walk Score of 95.
The development is within walking distance of Union County College, Kean University, Trinitas Regional Medical Center, the Union County Courthouse and the under-construction $125 million Union County Administrative Building.
Elizabeth, the county seat of Union County, is New Jersey’s fourth-largest city with approximately 137,401 residents. The city has recorded 10.6% population growth since 2010, and roughly 73% of residents are renters.
Union County’s multifamily market fundamentals remain strong, with average asking rents rising 18% over the past five years and occupancy rates holding above 96%. Major employment drivers include Newark Liberty International Airport, Port Newark, healthcare systems and government facilities.
ECCO will comprise 258 rental units — studios, one-bedroom and two-bedroom apartments — totaling 233,880 square feet of residential space. The five-story mid-rise will feature wood-frame construction over a concrete parking podium and include 278 parking spaces.
Planned unit finishes include quartz countertops, stainless steel appliances, in-unit washers and dryers, smart home technology and nine-foot ceilings.
Community amenities are designed to compete in the luxury segment and will include:
Construction is underway, with completion anticipated in 2027.
The sponsorship team previously completed Phase I of the Vintage City redevelopment, Vinty — a 267-unit mixed-use building that achieved full lease-up within one year. That performance demonstrated sustained demand for high-quality multifamily housing in downtown Elizabeth.
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JLL Capital Markets, which employs more than 3,000 specialists globally across nearly 50 countries, continues to see robust investor appetite for well-located, transit-oriented multifamily assets in high-density Northeast markets.
With strong rental growth, high occupancy and proximity to major employment centers, ECCO is positioned to capitalize on Elizabeth’s expanding renter base and ongoing downtown revitalization.
Originally reported by Yield Pro.
