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 the Weequahic neighborhood of Newark, NJ. The loan was arranged by 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 is 440 Elizabeth NJ Urban Renewal LLC, with Yisroel Berger as sponsor. The financing was provided by Dwight Mortgage Trust, a New York-based real estate finance and investment firm. Built in 1969, Cosmo 440's recent full gut renovation transformed the tower into a modern, class-A, multifamily community. The building's 216 residences consist of 48 one-bedroom, 120 two-bedroom and 48 three-bedroom units, including 190 market-rate units and 26 affordable units. The building totals 272,222 gross square feet, with 177,336 square feet of net rentable area.
The financing reflects a continuity strategy rather than a one-off transaction. Drew Capital had previously arranged construction financing for the building's gut renovation, followed by lease-up financing, and has now arranged the property's latest $70-million financing. "Cosmo 440 is a good example of what we mean by understanding the full cycle of a real estate transaction," said Mr. Drew. "We've worked with the ownership and the property from the construction phase, through lease-up, and now into its next stage of financing." Overlooking Weequahic Park, the property is located minutes from Newark Liberty International Airport, major transit lines, and university campuses including Rutgers University-Newark. Amenities include a concierge, co-working lounge, bar and social area, fitness center, playground, and a parking garage with EV charging.
The source does not disclose the loan's interest rate, term length, maturity date, or loan-to-value ratio. It also does not specify how the $70 million will be used, whether any prior debt was retired, or the property's current occupancy and rent levels. Because the evidence comes from a single secondary source, the financing terms and sponsor details have not been independently corroborated.