One of the more prominent revitalization projects in Newark’s South Ward has obtained a significant amount of new financing that will help it reach the finish line.
Miami-based BridgeInvest has announced that it has closed a $60 million loan for Cosmo 440, a new Class A multifamily tower in Newark’s historic Weequahic neighborhood. Jersey Digs extensively profiled the development last month. It was first built in the 1970s but has sat empty for over a decade.
The property was first constructed as Carmel Towers by Anthony Padula, the same developer behind the nearby Zion Towers. The 25-story structure finally closed in 2011 after the Department of Housing and Development pulled federal funding after a series of failed inspections.
Located at 440 Elizabeth Avenue, the once crime-ridden complex is being transformed into Cosmo 440. When completed, the development will include 216 residential units, including 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom apartments.
The new financing will carry the project through its final phase, covering construction completion, reserves, and lease-up. The building spans 192,765 rentable square feet, and marketing efforts are already underway to attract prospective tenants.
Newark’s City Council granted Cosmo 440 a 20-year tax abatement in December last year. The project will set aside 10% of the 225 units as affordable housing and pay into an affordable housing fund in lieu of including Newark’s required 20% affordable component.
The redevelopment of the long-neglected property included new infrastructure, elevators, redesigned floor plans and upgraded common areas with high-end amenities. The building, slated to open in the coming months, sits directly across the street from Weequahic Park.
