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

Drew Capital, a commercial real estate finance firm based in Jackson, NJ, has arranged a $70-million, non-recourse, interest-only loan for Cosmo 440, a 25-story, 216-unit multifamily property located at 440 Elizabeth Avenue in Newark, NJ.

Cosmo 440 recently underwent a full gut renovation that transformed the tower into a modern, class-A multifamily community. The financing was secured under the leadership of Akiva Drew, founder and principal of Drew Capital, which has been involved with the property through multiple stages of its redevelopment and capitalization.

The borrower for this loan is 440 Elizabeth NJ Urban Renewal LLC, with Yisroel Berger as the sponsor. The funding was provided by Dwight Mortgage Trust, a New York-based real estate finance and investment firm. Cosmo 440, built in 1969, features 216 residences that include 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom units, comprising 190 market-rate and 26 affordable units.

Akiva Drew stated, "Cosmo 440 is a good example of what we mean by understanding the full cycle of a real estate transaction. We've worked with the ownership and the property from the construction phase, through lease-up, and now into its next stage of financing."

Located near Weequahic Park, Cosmo 440 is in proximity to Newark Liberty International Airport, major transit lines, and university campuses, including Rutgers University-Newark. The building totals 272,222 gross square feet, with 177,336 square feet of net rentable area. Amenities include a concierge, co-working lounge, bar and social area, fitness center, playground, and a parking garage with EV charging.