Dwight Supplies $70M Refi on Newark Multifamily Tower

New Jersey developer Yisroel Berger has sealed a $70 million loan to refinance a newly redeveloped multifamily tower in Newark, N.J., Commercial Observer has learned.

A fund managed by Dwight Investment Management, a registered investment adviser affiliated with Dwight Capital, provided the nonrecourse, interest-only loan for the 216-unit Cosmo 440 project in Newark’s South Ward neighborhood. The development previously received a $60 million loan from BridgeInvest last year for gut renovation of the building, which was constructed in 1969 and has sat empty for a decade, Jersey Digs reported at the time.

Dwight’s Alex Izso and David Scheer originated the loan. 

“Cosmo 440 has revitalized Newark’s Southward, transforming a long-vacant tower into a stabilized, amenity-rich community well positioned near transit and Newark Liberty International Airport.” Izso and Scheer said in a statement. 

Located at 440 Elizabeth Avenue, the 25-story building consists of 48 one-bedroom apartments, 120 two-bedroom units and 48 three-bedroom floor plans with 26 of the residences set aside as affordable housing. Community amenities include a concierge, coworking lounge, fitness center, playground and parking garage with electric vehicle charging. 

Drew Capital’s Akiva Drew negotiated the debt for both loans.

“We’ve worked with the ownership and the property from the construction phase, through lease-up and now into its next stage of financing,” Drew, founder and principal of Drew Capital, said in a statement. “Executing successfully requires understanding every dimension of the deal.”

Berger did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.