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PTM Partners secures $125M construction financing for 330-unit tower in St. Petersburg
The loan is structured as a three-year, floating-rate facility, with an affiliate of General Investment and Development providing the debt.
PTM Partners has secured $125 million in construction financing for Edge Collective II, a 330-unit multifamily tower in downtown St. Petersburg, Florida, Commercial Observer reported. According to the outlet, the debt was provided by an affiliate of General Investment and Development, and the financing is structured as a three-year, floating-rate loan. Commercial Observer also said Berkadia arranged the transaction, and that the same group previously arranged a $42 million construction loan for the first phase of the development, Moxy St. Petersburg, a 163-key Marriott hotel that opened in 2024. Berkadia’s Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins, and Brad Williamson were listed as arrangers, and the outlet noted the lender cited the sponsor’s experience as a factor for backing the project.