Drew Capital, a commercial real estate finance firm based in Jackson, N.J., has arranged a $70 million, nonrecourse, interest-only loan for Cosmo 440, a 25-story, 216-unit multifamily property located at 440 Elizabeth Ave. in Newark.
Akiva Drew, founder and principal at Drew Capital, arranged the loan, and the firm has been involved with the property through multiple stages of its redevelopment and capitalization. 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.
The borrower is 440 Elizabeth NJ Urban Renewal, with Yisroel Berger as sponsor. Dwight Mortgage Trust, a New York–based real estate finance and investment firm, provided the financing.
Built in 1969, Cosmo 440’s recent full gut renovation had transformed the tower into a modern, class A multifamily community. The building’s 216 residences consist of 48
