PTM Partners scored a $125 million construction loan for Edge Collective II, a multifamily high-rise in downtown St. Petersburg’s Edge District.
An affiliate of GID provided the three-year floating-rate loan ahead of the rental project’s vertical construction, which is expected in the next few months. At completion, Edge Collective II, at the northwest corner of 11th Street South and 1st Avenue South, will have 330 residential units and 19,000 square feet of retail space, according to a news release.
The deal pencils out to $378,800 per unit.
The 20-story project is the second phase of Edge Collective, a mixed-use master development spanning two full city blocks in an Qualified Opportunity Zone between 11th and 13th Streets along Central Avenue.
The first phase of the project, at 1234 Central Avenue, was completed in 2024. It includes the 163-key Moxy hotel and the renovation of a 100-year-old building at 1246 Central Avenue, which is now occupied by Amorino Gelato and Bosphorous Turkish Cuisine, St. Pete Rising reported.
Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the development’s latest financing on behalf of PTM. Berkadia also advised PTM on the debt and equity capitalization of Edge Collective’s first phase, including a $42 million construction loan for Moxy and the development’s adaptive reuse components, the release said.
Site work for Edge Collective II is underway. Demolition will wrap soon, and PTM will move to foundations and vertical construction, said Nicholas Pantuliano, the firm’s chief operations and chief development officer. Completion is slated for 2029.
Pantuliano said Edge Collective is meant to amplify the neighborhood feeling and walkability that St. Petersburg already has to offer.
Michael Tillman, PTM’s CEO and chief investment officer, said the loan comes amid a shift in St. Petersburg, as employers bring in a young professional base and people relocate from the Northeast and from southeast Florida.
Orlando received 5 percent of Miami’s outbound migration last year, according to the Bank of America Institute. In 2024, Florida added roughly 873,000 people, with most domestic migration coming from New York, U.S. Census Bureau records show.
Tillman said he and Pantuliano have been investing in the Edge District for the better part of a decade, and they intend to own and operate in the area for a long time.
Fort Lauderdale-based PTM is one of the largest Opportunity Zone fund managers in the country, according to the release. The real estate investment and development firm has raised and invested more than $400 million in qualified Opportunity Zone equity. Collectively, PTM has also invested, developed, constructed and managed more than $20 billion in projects across Florida, New York, New Jersey and Washington, D.C.
Edge Collective II joins other massive projects underway in St. Petersburg. In July, Blake Investment Partners won a bid to redevelop the city’s 86-acre Historic Gas Plant District, which houses Tropicana Field. The firm beat out a competing bidder with a proposal to buy 58 acres for $275 million and invest $8.1 billion into the project, with plans to include 3,600 income-restricted housing units.
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