Developer Yisroel Berger has closed on $70 million in financing for the refinancing of a newly renovated multi-family tower in Newark, N.J. A fund managed by Dwight Investment Management, a registered investment adviser and affiliate of Dwight Capital, provided the non-recourse, interest-only loan for the 216-unit “Cosmo 440” project in Newark’s South Ward neighbourhood.
The property had previously received a $60 million loan from BridgeInvest for its core renovation in the previous year. Originally built in 1969, the building had been vacant for a decade, as reported by Jersey Digs at the time. Alex Izso and David Scheer of Dwight arranged the current financing.
Izso and Scheer stated that “Cosmo 440” has revitalised Newark’s South Ward by transforming a long-vacant tower into a stabilised, amenity-rich community conveniently located near transport links and Newark Liberty International Airport.
The 25-storey building at 440 Elizabeth Avenue comprises 48 studio apartments, 120 two-bedroom units, and 48 three-bedroom layouts. Of these, 26 units are designated as affordable housing. Community amenities include concierge services, a coworking lounge, a fitness centre, a playground, and a parking garage with EV charging stations.
Akiva Drew of Drew Capital negotiated the financing for both loans. Drew, founder and head of Drew Capital, commented: “We have worked with the owner and the property from the construction phase through lease-up and to the current financing stage. A successful execution requires an understanding of every dimension of the deal.” Yisroel Berger did not comment upon request.
