NJ Project Secures $60M Loan
BridgeInvest closed on the financing to cover the property's construction completion and lease-up.
BridgeInvest has closed on a $60 million loan for Cosmo 440, a new 216-unit, Class A multifamily tower in the historic Weequahic neighborhood in Newark, N.J. The loan is set to cover the property’s construction completion, reserves and lease-up.
Cosmo 440, located at 440 Elizabeth Ave., includes 48 one-bedroom, 120 two-bedroom and 48 three-bedroom apartments. The building features 192,765 rentable square feet.
The property, previously named Carmel Towers, is being redeveloped by YB Properties to include new infrastructure, elevators, redesigned floor plans, and upgraded common areas with new amenities.
Cosmo 440 amenities include a coworking lounge, resident lounge, fitness center, concierge and mail room and bar and social space. Unit amenities feature stainless steel appliances, vinyl flooring, spa-inspired bathrooms and a shared washer and dryer on every floor.
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Lease-up will begin soon at the community upon the reception of a Certificate of Occupancy. Marketing efforts are underway.
“BridgeInvest is excited to provide a lending solution to Cosmo 440,” Alex Horn, managing partner and founder, BridgeInvest, told Multi-Housing News. “The project is expected to further add to Newark’s evolving residential landscape by converting a long-vacant high-rise and creating a high-quality, amenity-rich community in a prime location near transit, Weequahic Park, Newark Liberty International Airport, and other major infrastructure investments.”
The nearby Weequahic Park features jogging trails and a golf course. Residents have easy access throughout the Newark and New York City area via nearby major highways and subway systems. The Newark Liberty International Airport is 2 miles away.
In February, BridgeInvest provided a $77.7 million loan to BH Group and InterVest Capital Partners in their acquisition of Wake Biscayne Bay, a two-building, 10-story multifamily community in Miami’s North Bay Village. The buildings, located at 7525 E. Treasure Dr. and 1900 S. Treasure Dr., total 338 units across 326,356 rentable square feet. The property has more than 1,000 feet of direct waterfront with unobstructed views of Biscayne Bay.
