Jackson-based commercial real estate finance firm Drew Capital has successfully arranged a $70 million, non-recourse, interest-only loan for Cosmo 440, a newly renovated 25-story residential tower in Newark.
The financing was secured by Akiva Drew, founder and principal of Drew Capital, on behalf of borrower 440 Elizabeth NJ Urban Renewal LLC, with Yisroel Berger serving as sponsor. The capital was provided by New York-based Dwight Mortgage Trust.
Located at 440 Elizabeth Avenue overlooking Weequahic Park, the 272,222-square-foot property recently underwent a complete gut renovation. Originally built in 1969, the building has been transformed into a modern, class-A multifamily community featuring 216 residences. The unit mix includes 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom layouts, with 190 market-rate apartments and 26 designated affordable units.
Drew Capital has been involved with the asset through multiple phases of its lifecycle, having previously arranged both the initial construction financing and subsequent lease-up capital for the tower’s redevelopment.
“Cosmo 440 is a good example of what we mean by understanding the full cycle of a real estate transaction,” 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. 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.”
Situated minutes from Newark Liberty International Airport, major regional transit lines, and local university campuses such as Rutgers University-Newark, Cosmo 440 offers tenants high-end finishes, oversized windows, and private balconies. Building amenities include a concierge service, a co-working lounge, a social area with a bar, a fitness center, an outdoor playground, and a parking garage equipped with electric vehicle (EV) charging stations.
