$83.35M Secured for ECCO Development in Elizabeth

On Feb 17, 2026

JLL Capital Markets has secured $63.2 million in construction financing from Bank OZK and a $20.15 million mezzanine placement from PGIM for ECCO, a 258-unit luxury multifamily development in Elizabeth. ECCO represents phase 2 of the broader Vintage City Development, a nationally recognized redevelopment that received NAIOP’s Mixed-Use Deal of the Year Award in 2025.

ECCO is located at 250 Union St., directly across from the newly renovated $75 million Elizabeth Train Station. The property benefits from exceptional transit connectivity with access to two NJ Transit lines that provide direct access to New York Penn Station, Newark Liberty International Airport and Jersey Shore points and offers a Walk Score of 95. The location 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 serves as the county seat for Union County and is New Jersey’s fourth-largest city by population with approximately 137,401 residents. The city has experienced 10.6% population growth since 2010, with 73% of residents being renters. The area benefits from strong employment centers including Newark Liberty International Airport, Port Newark, and various healthcare and government facilities. Union County has demonstrated robust multifamily market fundamentals with average asking rents increasing 18% over the past five years and maintaining occupancy rates above 96%.

ECCO will feature 258 rental units comprising studios, one- and two-bedroom apartments across 233,880 square feet of residential space. The five-story development will include wood-framed construction over a concrete parking podium with 278 parking spaces. Unit features include quartz countertops, stainless steel appliances, in-unit washers and dryers, smart home technology and nine-foot ceilings. Community amenities will encompass a resort-style pool, state-of-the-art fitness center, golf simulator, outdoor kitchen, business center, dog park and 3,200 square feet of ground-floor retail space.

Construction has already commenced and is expected to be completed in 2027.

The sponsorship team previously delivered the 1st phase of the Vintage City; Vinty, a 267-unit mixed-use building that successfully leased up within one year, demonstrating strong market demand for luxury multifamily housing in Elizabeth’s downtown core.

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