ECCO, a 258-unit luxury multifamily development in Elizabeth, has secured more than $80 million in construction financing, officials said Friday.
JLL Capital Markets secured $63.2 million construction financing from Bank OZK and $20.15 million mezzanine placement from global asset firm PGIM, according to a statement.
Construction is underway and the project is expected to be completed in 2027.
ECCO, located at 250 Union St., will feature 258 luxury 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.
Units feature 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.
ECCO represents phase two of the broader Vintage City Development.