Dwight Investment Management Secures $70M Refinancing for Newark Multifamily Tower

Developer Yisroel Berger has obtained a $70 million refinancing package for Cosmo 440, a newly modernized multifamily high-rise in Newark, New Jersey. The nonrecourse, interest-only financing was provided by a fund managed by Dwight Investment Management, an affiliate of Dwight Capital, with debt placement negotiated by Akiva Drew of Drew Capital.

Located at 440 Elizabeth Avenue in Newark's South Ward, the 25-story property originally opened in 1969 and sat vacant for a decade before undergoing an extensive overhaul. The gut renovation was previously supported by a $60 million construction loan from BridgeInvest. Today, the stabilized asset encompasses 216 residences, consisting of 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom layouts, with 26 units designated as affordable housing. Property amenities include a fitness center, coworking lounge, electric vehicle charging stations, and on-site parking.

Dwight's Alex Izso and David Scheer originated the debt transaction. The successful takeout financing demonstrates robust lender appetite for adaptive reuse and full-scale repositioning projects in transit-adjacent urban markets.