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PTM Partners secures $125 million construction loan for St. Petersburg project
The three-year, floating-rate loan from GID will fund EDGE Collective II, a 330-unit multifamily high-rise that includes 19,000 square feet of retail space.
PTM Partners has closed on a $125 million construction loan from GID to finance EDGE Collective II, a 330-unit Class AA multifamily high-rise in downtown St. Petersburg, Florida.
The project will also include 19,000 square feet of retail space in the EDGE District, according to ConnectCRE.
ConnectCRE reports that Berkadia arranged the three-year, floating-rate construction loan on behalf of PTM Partners.
The outlet also noted that Berkadia previously advised PTM Partners on the debt and equity capitalization of EDGE Collective’s first phase, including $42 million in construction financing for the Moxy St. Petersburg Downtown and adaptive reuse components of the mixed-use development.