Dwight Mortgage Trust Lends $26M on Florida BTR Community

ARK Homes for Rent has sealed $26 million of bridge debt for a newly developed build-to-rent (BTR) community along Florida’s Gulf Coast, Commercial Observer has learned.

Dwight Mortgage Trust provided the loan for Somerset Cove, a 143-unit townhome development in Spring Hill, Fla., 44 miles north of Downtown Tampa. The debt was originated by Dwight’s Katie Goldenberg and will fund an interest reserve to support the property through lease-up, according to the private lender. 

“We’re very excited about the Tampa market and have seen strong demand early on at Somerset Cove,” John Isakson, CEO of ARK Homes, said in a statement. “That response reflects both the quality of the homes and amenities we’re delivering, as well as the growing desire for purpose-built rental communities that offer the space, privacy, and lifestyle of a single-family home.”

Located at 3933 Antigua Way, Somerset Cove comprises a mix of three-, four- and five-bedroom townhomes. Community amenities include a pool, a fitness center, a clubhouse, pickleball courts, a dog park and barbeque grilling stations.

The Somerset Cove project is part of Miami-based Ark’s strategy to own build-to-rent communities throughout the Southeast. Ark, which was founded by Jordan Kavana, rebranded from its previous name, Transcendent Electra, in early 2023 and set out a goal then of acquiring $3 billion of new BTR communities over five years, as CO first reported at the time.

Andrew Coen can be reached at acoen@commercialobserver.com