Momentum continues to build around large-scale investment in Newark, as BridgeInvest has secured a $60 million loan for Cosmo 440, a newly developed Class A multifamily tower in the city’s historic Weequahic neighborhood. The financing will support the 216-unit project through its final phase, covering construction completion, reserves, and lease-up efforts.
Located at 440 Elizabeth Avenue, Cosmo 440 features 216 residential units, including 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom apartments, spanning 192,765-rentable-square feet. Lease-up will begin upon receiving a temporary certificate of occupancy, with marketing efforts already underway to attract tenants.
Formerly known as Carmel Towers, the property underwent a complete redevelopment, incorporating new infrastructure, elevators, redesigned floor plans, and upgraded common areas with high-end amenities to appeal to modern renters.
Situated adjacent to Weequahic Park, which boasts jogging trails and a golf course, Cosmo 440 offers a prime location with easy access to major highways and Newark Liberty International Airport. The surrounding area has seen increased investment, including the $125 million Lionsgate Film Studio project, further cementing its appeal to developers and residents alike.
