OakNorth Bank, Oak Funding Close $21M Co-Loan for 78-Unit Multifamily Development in Orange, NJ
OakNorth Bank and real estate lending platform Oak Funding have jointly provided a $21 million co-loan to ECA Developers to finance the ground-up development of a six-story, 78-unit Class A multifamily building at 617 Scotland Road in Orange, New Jersey, the parties announced May 13, 2026.
Project Details and Multifamily Real Estate Development Plans
The real estate development at 617 Scotland Road will deliver a mix of studio, one-bedroom, and two-bedroom apartments designed to serve a range of renters in the local market. Planned amenities include a resident lounge, gym, bike storage, BBQ areas, and fire pits, alongside 57 on-site parking spaces.
The site benefits from proximity to NJ Transit rail service, offering direct access to Midtown Manhattan in under 40 minutes, as well as close access to Interstate 280. The project also benefits from Orange's 30-year tax pilot program, which the city uses to attract and support new development by streamlining the permitting process.
"Orange is an increasingly attractive location for high-quality residential development, given its strong connectivity to New York City and Northern New Jersey," said Eric Rabinowitz, Principal, Development at ECA Developers. "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."
About ECA Developers
Founded in 2015, ECA Developers is a vertically integrated real estate development and construction firm with a track record across the Tri-State area. The firm specializes in sustainable, mixed-income, and mixed-use projects, combining in-house development, design, and construction capabilities. To date, the firm's principals have delivered more than $1.25 billion of projects spanning over one million square feet across residential, commercial, sports entertainment warehouse real estate, and institutional asset classes. ECA works through strategic partnerships with landowners, lenders, and public agencies.
Commercial Real Estate Financing and Lender Perspectives
The $21 million co-loan was structured jointly by OakNorth and Oak Funding.
"ECA Developers is a highly experienced sponsor with a strong track record of delivering multifamily projects across the region," said Max Saidman, Managing Director of Debt Finance at OakNorth. "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 and Principal at Oak Funding, added: "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."
About OakNorth Bank
Launched in September 2015, OakNorth Bank describes itself as a digital bank for entrepreneurs. The firm has provided more than $20 billion in lending to entrepreneur-led businesses across the United Kingdom and United States, supporting the creation of more than 70,000 jobs. The bank has maintained what it describes as a highly disciplined approach to credit across multiple economic cycles, placing it among the top 1% of commercial banks globally by its own performance metrics.
No loan term, interest rate, or loan-to-value ratio was disclosed in connection with the transaction.