Real Estate
Home›Real Estate›Mortgages›Dwight-backed fund provides $70M refi for Newark’s Cos…
Dwight-backed fund provides $70M refi for Newark’s Cosmo 440
The 25-story, 216-unit Cosmo 440 project uses a nonrecourse, interest-only $70 million loan as it moves into its next financing stage after a prior $60 million renovation loan.
New Jersey developer Yisroel Berger has secured a $70 million loan to refinance the newly redeveloped Cosmo 440 multifamily tower in Newark, Commercial Observer reports. The financing was provided by a fund managed by Dwight Investment Management, formerly Dwight Mortgage Trust.
Commercial Observer says the Cosmo 440 deal is structured as a nonrecourse, interest-only loan for the 216-unit property in the city’s South Ward neighborhood at 440 Elizabeth Avenue. The building is a 25-story complex previously received a $60 million loan from BridgeInvest last year for gut renovation of a structure built in 1969 that had been vacant for a decade.
The outlet reports the project now offers 48 one-bedroom apartments, 120 two-bedroom units, and 48 three-bedroom floor plans, with 26 homes set aside as affordable housing. Amenities include a concierge, coworking lounge, fitness center, playground, and a parking garage with electric vehicle charging.
In remarks shared with the outlet, Dwight and partner Drew Capital described Cosmo 440 as transforming a long-vacant tower into a stabilized, amenity-rich community positioned near transit and Newark Liberty International Airport. Drew, founder and principal of Drew Capital, said executing the financing requires understanding every dimension of the deal.