Drew Capital Secures $70 Million In Financing For Cosmo 440, A 216-Unit Residential Tower In Newark, NJ

DREW CAPITAL ARRANGES $70M FINANCING FOR 216-UNIT COSMO 440 IN NEWARK

Drew Capital has arranged a $70 million non-recourse, interest-only loan for Cosmo 440, a 25-story, 216-unit multifamily property at 440 Elizabeth Avenue in Newark, New Jersey.

The financing was arranged by Akiva Drew, founder and principal of Drew Capital, on behalf of 440 Elizabeth NJ Urban Renewal LLC, sponsored by Yisroel Berger. The lender was Dwight Mortgage Trust.

Drew Capital has been involved with the property through multiple stages of its capitalization, previously arranging construction financing for a full gut renovation as well as subsequent lease-up financing.

Built in 1969, Cosmo 440 has been repositioned as a Class A multifamily community with 190 market-rate units and 26 affordable units. The property totals approximately 272,222 gross square feet and includes amenities such as a fitness center, co-working lounge, concierge, playground, social spaces, parking and EV charging.