ELIZABETH, NJ —
September 02, 2026 |
By DailyHudson Staff
Cosmo 440, a renovated 216-unit complex, secures new financing from Dwight Mortgage Trust.
A 25-story apartment tower at 440 Elizabeth Avenue in Newark, now known as Cosmo 440, has obtained a $70-million loan arranged by Drew Capital. The financing, provided by Dwight Mortgage Trust, comes months after the property’s full gut renovation transformed the former Carmel Towers into a modern housing complex.
This loan marks a new financial chapter for a building that sat vacant for years after federal funding was pulled in 2011. The fresh capital is expected to support operations and stabilize the property, which now offers 216 residences including affordable units, contributing to housing options in the Weequahic neighborhood.
Cosmo 440 features 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom units, with 190 market-rate and 26 affordable apartments.
The loan is non-recourse and interest-only, according to Drew Capital, and the borrower is 440 Elizabeth NJ Urban Renewal LLC, sponsored by Yisroel Berger.
Cosmo 440 is a good example of what we mean by understanding the full cycle of a real estate transaction,” said Akiva Drew, founder and principal of Drew Capital. “We’ve worked with the ownership and the property from the construction phase, through lease-up, and now into its next stage of financing.
Impact: For residents and the local community, the successful financing signals the long-term viability of the redeveloped tower, which overlooks Weequahic Park and offers amenities like a fitness center and EV charging.
What Happens Next: The new loan is expected to support ongoing operations and potential future enhancements at Cosmo 440, with no further public announcements yet.
Community members and housing advocates will watch how this financial boost impacts the property’s future and nearby Weequahic neighborhood.
Source: Jersey Digs