$83.35M capitalization secured for the development of ECCO, a transit-oriented multifamily development in Elizabeth, NJ

MORRISTOWN, N.J., Feb. 13, 2026 –  JLL Capital Markets announced today that it has secured a $63.2 million construction financing from Bank OZK and $20.15 million mezzanine placement 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.

ECCO is located at 250 Union St., directly across from the newly renovated $75m 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.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

LeCesse Development Corporation is a multifamily developer with more than 60 years of experience building value through strategic partnerships and exceptional project management. The company has developed and acquired over 25,000 units representing more than $3.5 billion in development and has received over 40 awards for excellence in design and construction.

MAS Development led by Salvador Garcia, is a vertically integrated real estate development firm with more than 25 years of experience specializing in multifamily, Retail and mixed-use development. The firm partners with investors, institutional capital, municipalities, and lenders to deliver complex redevelopment projects. MAS has acquired or developed more than 1,000 units representing over $300 million in total value, with particular expertise in entitlements, financing, and execution. MAS Development and Salvador Garcia have received numerous awards over the years for excellence in development and for a demonstrated commitment to the communities in which they work.

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended December 31, 2025, RESG originated approximately $39.41 billion in new loans. For more information, visit ozk.com.

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.5 trillion in assets, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

1 As of September 30, 2025