- Founded in 2015, ECA Developers is a leading development and construction firm focused on sustainable and energy efficient mixed-income and mixed-use projects and sports entertainment warehouses;
- The firm combines in-house development, design, and construction capabilities and works through strategic partnerships with landowners, lenders, and public agencies;
- The $21m loan from OakNorth and Oak Funding will support the ground-up development of a 6-story and 78-unit multifamily building in Orange, New Jersey.
New York, 13th May, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, and real estate lending platform, Oak Funding, have provided a $21m co-loan to leading development and construction firm, 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. The business specializes in delivering sustainable, mixed-income and mixed-use projects, combining in-house development, design, and construction expertise. To date, the firm’s principals have delivered over $1.25bn of projects spanning more than 1 million square feet across residential, commercial, sports entertainment warehouses, and institutional asset classes.
Located at 617 Scotland Road in Orange, New Jersey, the development will comprise of a six-story, Class A multifamily building with 78 residential units. The Developers will deliver a mix of studio, one-bedroom, and two-bedroom apartments, designed to cater to a broad range of renters in the local market. The building will offer a range of modern amenities including a resident lounge, gym, bike storage, BBQ areas, and fire pits, alongside 57 on-site parking spaces. The site also 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.
Eric Rabinowitz, Principal, Development at ECA Developers, commented on the transaction: “Orange is an increasingly attractive location for high-quality residential development, given its strong connectivity to New York City and Northen New Jersey. We continue to be committed to investing in Orange, a city that supports and attracts new development by granting 30-year tax pilots and streamlining the permit process making these projects financially feasible. This project reflects our continued dedication to delivering thoughtfully designed, sustainable housing that exceeds the needs of modern renters. OakNorth has been a very supportive partner throughout this process, and we’re pleased to be working together to bring this project forward in an efficient and expeditious manner.”
Max Saidman, Managing Director of Debt Finance at OakNorth, added: “ECA Developers is a highly experienced sponsor with a strong track record of delivering multifamily projects across the region. This is well positioned within a growing submarket, benefiting from excellent transport links and a favorable supply-demand dynamic. The combination of high-quality design, attractive amenities, and long-term tax advantages should support strong leasing demand, and we’re pleased to support ECA on this development.”
Jeremy Levart, Co-Founder & Principal at Oak Funding, said: “We’re pleased to support ECA Developers alongside OakNorth on this exciting multifamily project in Orange. The sponsorship team has a strong track record in the region, and the scheme is well-positioned to benefit from the area’s strong transit connectivity, growing demand for quality housing, and continued investment in the local community.”
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Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $20bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.