Dwight Mortgage Trust Provides $28M Bridge Loan for Georgia Build-to-Rent Asset

ARK Homes for Rent has inked $27.8 million of bridge financing for a newly constructed Georgia build-to-rent (BTR) community, Commercial Observer has learned.

Dwight Mortgage Trust (DMT)supplied the loan for the BTR operator’s Station at Kentmere property in Auburn, Ga. Loan proceeds will fund an interest reserve for the 149-unit townhome development that debuted this year, according to DMT.

Located at 65 Auburn Road 41 miles northeast of Atlanta, The Station at Kentmere consists of three-bedroom, two-and-a-half-bathroom residences with one-car garages. Community amenities include a clubhouse with indoor lounge, fitness center, pool with sun deck, picnic areas and barbeque stations.

DMT also closed a $16.5 million bridge loan for the newly-built 103-unit Waterside at Rice Hope BTR community in Port Wentworth, Ga. that will fund an interest reserve.

Located at 20 Lakefront Drive,  14 miles from Savannah, Waterside at Rice Hope comprises townhomes with three-bedroom, two-and-a-half-bathroom layouts with one-car garages. Community amenities include a clubhouse, playground, pool, fishing pond, and grilling areas.

“These communities exemplify our unwavering commitment to delivering attainably priced, well-located housing in high-growth suburban markets poised for growth,” John Isakson, CEO of ARK Homes for Rent, said in a statement. “By adding these communities, we continue to meet the evolving needs of renters in areas where quality housing is essential.”

Miami-based Ark, which was founded by Jordan Kavana, rebranded from its previous name, Transcendent Electra, in early 2023 with the goal of acquiring $3 billion in new BTR properties across the Sun Belt over a five-year period, CO first reported at the time. 

Andrew Coen can be reached at acoen@commercialobserver.com.