LeCesse and MAS Development Secure $84 Million for Luxury Transit-Oriented Hub in New Jersey

LeCesse Development and MAS Development Group land $83.5M in financing for ECCO, a 258 unit luxury transit-oriented project in Elizabeth, New Jersey.

By: AXL Media

Published: Mar 12, 2026, 8:14 AM EDT

Source: https://www.multihousingnews.com/

A Strategic Multi-Tiered Financing Structure

The successful securing of $83.5 million in debt underscores the continued institutional appetite for well-positioned multifamily assets despite broader market fluctuations. By utilizing a combination of a senior note from Bank OZK—a lender known for its aggressive participation in major urban developments—and mezzanine financing from PGIM, the joint venture has optimized its capital efficiency. This structure allows the developers to manage the high costs of ground-up construction while maintaining the liquidity necessary to see the project through to its late 2027 delivery.

Transforming Elizabeth’s Midtown Neighborhood

ECCO represents the second phase of the "Vintage City" redevelopment initiative, a strategic effort to modernize Elizabeth’s Midtown district. It follows the 2022 completion of "Vinty," a 267 unit mixed-use property that served as a proof-of-concept for luxury living in the area. By adding another 258 units, LeCesse and MAS are creating a critical mass of upscale residential inventory that supports local retail and professional services. The four-story project will feature a mix of studio, one-, and two-bedroom layouts designed to attract urban professionals.

Transit-Oriented Development and Infrastructure Synergy

The project's primary strategic advantage is its location directly across from the Elizabeth Transit Station. The station recently underwent a $75 million renovation, enhancing its capacity as a major hub for the NJ Transit Northeast Corridor and North Jersey Coast lines. Situated only 20 miles from Midtown Manhattan and less than three miles from Newark Liberty International Airport, ECCO is positioned as a "commuter's choice" asset. This proximity to major transit infrastructure typically correlates with higher rent premiums and faster lease-up periods compared to standalone suburban developments.