JLL Capital Markets has arranged $83.35 million in financing for ECCO, a new luxury multifamily development in Elizabeth, New Jersey. The funding includes $63.2 million in construction financing from Bank OZK and a $20.15 million mezzanine loan from PGIM.
ECCO is the second phase of the Vintage City Development, which was recognized nationally and received NAIOP’s Mixed-Use Deal of the Year Award in 2025. The project is located at 250 Union St., across from the recently renovated Elizabeth Train Station, which underwent a $75 million upgrade. Residents will have access to two NJ Transit lines offering direct service to New York Penn Station, Newark Liberty International Airport, and destinations along the Jersey Shore. The site has a Walk Score of 95 and is close to Union County College, Kean University, Trinitas Regional Medical Center, the Union County Courthouse, and the under-construction $125 million Union County Administrative Building.
Elizabeth is New Jersey’s fourth-largest city with about 137,401 residents and serves as the county seat for Union County. Since 2010, its population has grown by over 10 percent; nearly three-quarters of residents are renters. Major employment centers nearby include Newark Liberty International Airport and Port Newark as well as healthcare and government offices. Over the past five years, average asking rents for multifamily properties in Union County have increased by 18 percent while occupancy rates have stayed above 96 percent.
The ECCO development will consist of 258 rental units—studios plus one- and two-bedroom apartments—across more than 233,000 square feet of residential space within a five-story building atop a concrete parking podium with room for 278 vehicles. Units will feature quartz countertops, stainless steel appliances, smart home technology, nine-foot ceilings, and washers/dryers. Amenities planned include a pool, fitness center, golf simulator, outdoor kitchen area, business center, dog park and retail space on the ground floor.
Construction began recently with completion expected in 2027.
The developers previously completed Vinty—the first phase of Vintage City—a mixed-use building with 267 units that fully leased within one year after opening.
