Newark High-Rise Apartment Complex Will Get $70M In Financing

NEWARK, NJ — A $70 million infusion of funding is officially in the pipeline for a 25-story apartment complex in New Jersey’s largest city.

According to real estate finance firm Drew Capital, a $70-million, non-recourse, interest-only loan has been arranged for Cosmo 440: a 216-unit skyscraper at 440 Elizabeth Avenue in the Weequahic neighborhood of Newark.

The borrower is 440 Elizabeth NJ Urban Renewal LLC, with Yisroel Berger as sponsor. The financing was provided by Dwight Mortgage Trust, a New York-based real estate finance and investment firm.

The building’s 216 residences consist of 48 one-bedroom, 120 two-bedroom and 48 three-bedroom units, including 190 market-rate units and 26 affordable units. Amenities include a concierge, co-working lounge, bar and social area, fitness center, playground, and a parking garage with EV charging.

Drew Capital had previously arranged construction financing for the building’s “gut renovation,” followed by lease-up financing, the firm noted.

“Cosmo 440 is a good example of what we mean by understanding the full cycle of a real estate transaction,” founder and principal Akiva Drew said.

“We’ve worked with the ownership and the property from the construction phase, through lease-up, and now into its next stage of financing,” Drew said. “Executing successfully requires understanding every dimension of the deal: the sponsor, the business plan, the asset, the capital structure and, in this case, the Newark market specifically.”

Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site.