GID Provides $125M Construction Loan for St. Petersburg Multifamily Tower

PTM Partners has secured $125 million of construction financing to build Edge Collective II, a 330-unit multifamily tower that represents the second phase of a broader mixed-use development in Downtown St. Petersburg, Fla., according to a release. 

An affiliate of General Investment and Development (GID) provided the debt, structured as a three-year, floating-rate loan, while Berkadia’s Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins and Brad Williamson arranged the transaction. 

The group had previously arranged the $42 million construction loan that financed the first phase of Edge Collective, Moxy St. Petersburg, a 163-key Marriott hotel that opened in 2024. 

The Real Deal first reported the financing. 

Berkadia’s Williamson noted in a statement that an institutional lender like GID was attracted to working with an experienced sponsor like PTM Partners. Projects with “meaningful equity, exceptional urban locations and a proven placemaking strategy continue to attract capital,” he said.

“Edge Collective is a great example of that, building on the momentum established by Phase I while further strengthening one of Florida’s most dynamic downtown neighborhoods,” Williamson added. 

Edge Collective II is located at the 1100 block of Central Avenue in St. Petersburg’s EDGE District, a walkable live-work-play neighborhood that promotes entertainment, dining, galleries, et cetera — hence the EDGE acronym. Edge Collective II will rise 20 stories and include 19,000 square feet of ground-floor retail space. Construction is expected to finish in 2028. 

Michael Tillman, CEO and co-founder of PTM Partners, said in a statement that St. Petersburg has emerged as one of the fast-growing population centers in Florida and is now a leading market for housing development and business investment. 

“Securing this financing is an important step forward for Edge Collective II and a strong endorsement of our vision for the broader development,” said Tillman. 

Brian Pascus can be reached at bpascus@commercialobserver.com.