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JLL Capital Markets secured $63.2 million in construction financing from Bank OZK and $20.15 million in mezzanine financing from PGIM for ECCO, a 258-unit luxury multifamily development in Elizabeth, Union County, New Jersey. 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.
Located at 250 Union Street, directly across from the newly renovated Elizabeth Train Station, ECCO will feature 258 rental units, including studio, one-bedroom and two-bedroom apartments across 233,880 square feet of residential space, along with 3,200 square feet of ground-floor retail. Construction has already commenced and is expected to be completed in 2027.
The sponsorship team previously delivered the first phase of 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, according to JLL.
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