PTM Partners has successfully acquired USD 125 million in development financing for the realisation of Edge Collective II. The project comprises a residential high-rise with 330 units and represents the second phase of a comprehensive mixed-use development in downtown St. Petersburg, Florida. The financing was provided by an affiliate of General Investment and Development (GID) as a three-year, floating-rate loan. The transaction was arranged by Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins, and Brad Williamson of Berkadia.
Berkadia was previously responsible for securing the USD 42 million construction loan for the first phase of the Edge Collective, the Moxy St. Petersburg. This 163-room Marriott hotel opened in 2024. Initial reporting on this financing was provided by The Real Deal.
Appeal to institutional investors
Brad Williamson of Berkadia highlighted that an institutional lender like GID was attracted by the opportunity to work with an experienced sponsor such as PTM Partners. Projects with “significant equity, exceptional urban locations, and a proven neighbourhood development strategy” continue to attract capital, according to Williamson. The Edge Collective is an excellent example, building on the success of the first phase while further strengthening one of Florida's most dynamic city centres.
Edge Collective II is located in the 1100 block of Central Avenue in St. Petersburg's EDGE District. This district is characterised by its pedestrian-friendly design and fosters a vibrant environment of living, working, and leisure – the acronym EDGE stands for Entertainment, Dining, Galleries, and similar. Edge Collective II will be 20 storeys tall and include 19,000 square feet of ground-floor retail space. Construction is expected to be completed in 2028.
St. Petersburg as a growth market
Michael Tillman, CEO and Co-founder of PTM Partners, stated that St. Petersburg has developed into one of Florida's fastest-growing population centres and is now a leading market for residential development and corporate investment. Securing this financing is a significant advancement for Edge Collective II and a “strong validation of our vision for the entire development,” Tillman said.
