Dwight Mortgage Trust, the REIT affiliate of Dwight Capital, has provided a $70 million loan for Cosmo 440, a recently renovated, 216-unit multifamily tower in the Weequahic neighborhood of Newark, NJ. The borrower is an entity sponsored by Yisroel Berger. Commercial real estate finance firm Drew Capital arranged the non-recourse, interest-only loan, after previously sourcing construction financing for the building’s gut renovation and lease-up financing.
Built in 1969, Cosmo 440 is located at 440 Elizabeth Ave., overlooking Weequahic Park. The 25-story apartment complex, formerly known as Carmel Towers, was vacant for years before a redevelopment effort that turned the property into a modern, Class A community. The property features 190 market-rate units and 26 affordable units, including 48 one-bedroom, 120 two-bedroom and 48 three-bedroom residences. Amenities include a concierge, co-working lounge, fitness center, bar and social area, playground, and parking garage.
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