Dwight Mortgage Trust, the real estate investment trust affiliate of Dwight Capital, has funded a $70 million loan secured by Cosmo 440, a recently renovated multifamily high-rise in Newark, NJ. The financing supports a 216-unit apartment tower located in the Weequahic neighborhood, with the borrowing entity sponsored by Yisroel Berger. Commercial real estate finance firm Drew Capital arranged the non-recourse, interest-only loan and had also previously sourced construction financing for the building’s gut renovation as well as lease-up financing.
Cosmo 440 stands at 25 stories and is situated at 440 Elizabeth Ave., overlooking Weequahic Park. Originally built in 1969 and formerly known as Carmel Towers, the property had sat vacant for years before undergoing a comprehensive redevelopment. That effort repositioned the tower into a modern, Class A multifamily community.
The redeveloped property now comprises 216 apartments, including 190 market-rate units and 26 affordable units. The unit mix is made up of 48 one-bedroom residences, 120 two-bedroom residences, and 48 three-bedroom residences. This combination of market-rate and affordable housing situates the tower as a sizable residential asset within the Weequahic neighborhood.
Residents of Cosmo 440 have access to a concierge and a co-working lounge, reflecting the building’s updated service and work-from-home offerings. Additional amenities include a fitness center, bar and social area, playground, and a parking garage. These features, together with the building’s park-adjacent location, are part of the property’s repositioning as a Class A community following its long period of vacancy.
The non-recourse, interest-only structure of the Dwight Mortgage Trust loan, combined with Drew Capital’s role in arranging both the latest financing and the earlier construction and lease-up capital, highlights the level of capital stack coordination involved in returning the former Carmel Towers to productive use as Cosmo 440.
