Newly Renovated Newark High-Rise Nabs $70M Loan
Dwight Mortgage Trust provided the note.
The owners of Cosmo 440, a recently renovated 25-story, 216-unit, Class A multifamily tower in Newark, N.J., have landed a $70 million loan provided by Dwight Mortgage Trust. Drew Capital arranged the deal.
The borrower is 440 Elizabeth NJ Urban Renewal LLC, with Yisroel Berger of YB Properties as sponsor.
Located at 440 Elizabeth Ave. in the city’s Weequahic neighborhood, Cosmo 440 was built in 1969 and was previously known as Carmel Towers. YB Properties recently completed a full gut renovation of the tower, and secured a $60 million loan for Cosmo 440 in March 2025 from BridgeInvest to cover the construction, reserves and lease-up of the project. The renovations included new infrastructure, elevators, redesigned floorplans and upgraded common areas with new amenities.
Drew Capital, a Jackson, N.J.-based commercial real estate finance firm, also arranged the earlier construction and lease-up financing for Cosmo 440, according to Akiva Drew, the company’s founder and principa.
Inside the asset
Cosmo 440 has 48 one-bedroom, 120 two-bedroom and 48 three-bedroom units. In addition to 190 market-rate apartments, there are 26 affordable units for residents earning between 60 to 80 percent of the area median income, according to Newark city documents. The 272,222-square-foot building features 177,336 rentable square feet.
Unit features include oversized windows, private balconies, stainless steel appliances, vinyl flooring, spa-inspired bathrooms and shared washers and dryer on every floor.
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Community amenities include a concierge, a coworking lounge, a bar and social area, as well as a fitness center, playground and parking garage with EV charging stations.
Cosmo 440 overlooks Weequahic Park, which has jogging trails and a golf course. The site is located near major transit lines and is 2 miles from Newark Liberty International Airport. The property is also close to university campuses including Rutgers University-Newark.
Activity on both coasts
Earlier this summer, Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, provided a $183 million construction loan for Ten South Construction to develop a 530-unit multifamily property in Gilroy, Calif. It was the largest construction financing in Dwight’s history. Located at 315 Las Animas Ave., the property will comprise four mid-rise buildings and 33 townhomes. About 234 units will be income-restricted and the remainder will be market rate.
In April, LUXCOM refinanced Sereno, a six-building, 235-unit luxury community in Sunrise, Fla., with a $72 million bridge loan from Dwight Mortgage Trust. The borrower planned to use the financing to repay construction debt, cover transactions costs and establish an interest reserve. The property in the Fort Lauderdale, Fla., market came online last year at 8083 W. Oakland Park Blvd. Downtown Fort Lauderdale is within 11 miles and downtown Miami is 30 miles away.
