Drew Capital Secures $70 Million Loan for Renovated Cosmo 440 in Newark
Drew Capital, based in Jackson, NJ, has arranged a $70 million non-recourse interest-only loan for the Cosmo 440 multifamily property located at 440 Elizabeth Avenue in Newark. The building is a fully renovated 25-story residential tower with 216 units that was transformed into a modern class-A community after undergoing a full gut renovation. The financing marks another stage of Drew Capital's involvement, having previously arranged construction and lease-up funding for the property. The loan provider is Dwight Mortgage Trust, while Yisroel Berger serves as the sponsor under 440 Elizabeth NJ Urban Renewal LLC. Cosmo 440 offers a range of amenities including co-working spaces, fitness centers, EV charging in its parking garage, and high-end residential features. Akiva Drew emphasized that this transaction reflects Drew Capital's strategy to support real estate assets through all stages—from construction to stabilized operations—by understanding the sponsor’s vision and market dynamics. The property is strategically located near Weequahic Park, major transit lines, and university campuses.
Topics: commercial_real_estate loan_arrangement multifamily_property