OakNorth, the digital bank for entrepreneurs, by entrepreneurs, together with real estate lending platform Oak Funding, has provided a $21m co-loan to ECA Developers. The financing will support the ground-up development of a six-story, Class A multifamily building in Orange, New Jersey, comprising 78 residential units.
Located at 617 Scotland Road, the development will deliver a mix of studio, one-bedroom and two-bedroom apartments alongside 57 on-site parking spaces and modern amenities including a resident lounge, gym, bike storage, BBQ areas and fire pits. The site benefits from strong transport connections, with nearby NJ Transit rail services providing direct access to Midtown Manhattan in under 40 minutes, as well as close proximity to major highways including Interstate 280.
About ECA Developers: Founded in 2015, ECA Developers is a vertically integrated real estate development and construction firm with a strong track record across the Tri-State area, specialising in sustainable, mixed-income and mixed-use projects through combined in-house development, design and construction capabilities. To date, the firm’s principals have delivered over $1.25bn of projects spanning more than one million square feet across residential, commercial, sports entertainment warehouse and institutional asset classes.