LeCesse, MAS Secure $83M for Metro NYC Luxury Project
The community is scheduled for delivery in late 2027.
LeCesse Development Corp. and MAS Development Group have secured a $83.5 million financing package for ECCO, a 258-unit luxury development in Elizabeth, N.J.
Bank OZK issued a $63.2 million senior note, while PGIM originated the $20.2 million mezzanine loan, in a transaction arranged by JLL Capital Markets.
Construction at ECCO began in December 2025 and is scheduled for delivery in 2027. ECCO is the second phase of Vintage City Development, which aims to redevelop Elizabeth’s Midtown neighborhood. The first phase was Vinty, a 267-unit mixed-use property completed in 2022.
The four-story luxury project will feature apartments with studio, one- and two-bedroom layouts. Shared amenities will include a pool, fitness center, outdoor kitchen, business center, dog park and a parking podium with 278 parking spaces. Additionally, the community will feature 3,200 square feet of ground-floor retail space.
ECCO will come online at 250 Union St., close to Elizabeth Transit Station, which has recently undergone a $75 million renovation. The community will stand 20 miles southwest of Midtown Manhattan and 2.6 miles southwest of Newark Liberty International Airport.
Multifamily construction begins to stabilize
Developers and builders are expecting a more favorable year ahead for the multifamily construction market, especially as increased equity and debt availability become more accessible, potentially reducing development costs. Although development activity continues to vary across the country, early signs point to construction market stabilization in terms of costs.
As of February 2026, the development activity in the Northern New Jersey multifamily market saw almost 25,200 units across 96 properties under construction, according to Yardi Matrix data. Out of the total number, 14,348 are market-rate units, 10,470 are partially affordable and 368 fully affordable.
