Updated Sep 1, 2026
Yisroel Berger Secures $70 Million Refinance Loan For 216-Unit Cosmo 440 Multifamily In Newark
440 Elizabeth Avenue
$70,000,000
Units
216
Asset Type
MultiFamily
Closing
Aug 28, 2026
About this deal
AI
The asset involved in this transaction is a multifamily property located at 440 Elizabeth Avenue in Newark, NJ, featuring 216 residential units. The refinance of the property was facilitated by a loan amounting to $70,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $70,000,000
- Landlord: Yisroel Berger
- Broker: Akiva Drew - Drew Capital
- Lenders: Liam Higgins and Cole Saenz - Dwight Investment Management
- Originators: Alex Izso & David Scheer - Dwight Capital
- Loan Type: Refinance
- Loan Terms: nonrecourse, interest-only
This refinancing deal was arranged by Akiva Drew of Drew Capital, with the financing secured from a fund managed by Dwight Investment Management. The previous financing backing the property was a $60 million BridgeInvest loan used for its redevelopment.
Players
Newark MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93