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JLL Arranges $83M Financing for Elizabeth Luxury Apartments

JLL Capital Markets 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, NJ. 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 St., directly across from the newly renovated Elizabeth Train Station, ECCO will feature 258 rental units including studios, one- 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 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, according to JLL.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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