PTM Partners Lands $125M Loan for 330-Unit St. Petersburg Tower

• 11th Street South and 1st Avenue South, St. Petersburg, FL: PTM Partners secured a $125 million construction loan for Edge Collective II, a 20-story apartment tower in the city’s EDGE District.
• The project will deliver 330 apartments and 19,000 square feet of retail, putting the construction financing at approximately $378,800 per unit.
• An affiliate of GID provided the three-year floating-rate loan, while site work is already underway ahead of vertical construction and a targeted 2029 completion.

What PTM Partners Is Building

Edge Collective II is the second phase of PTM Partners’ mixed-use Edge Collective development in downtown St. Petersburg. The 20-story tower is planned for the northwest corner of 11th Street South and 1st Avenue South, adding a substantial new block of rental housing and street-level retail to the EDGE District. PTM Partners is the developer, with Storyn Studio for Architecture handling the design. The project follows the firm’s strategy of combining residential, retail and hospitality uses in walkable urban districts.

 

 

What The $125M Financing Means

The construction loan from a GID affiliate gives PTM the capital to move from site preparation into foundations and vertical construction. Berkadia arranged the financing for PTM, with Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins and Brad Williamson involved in the transaction. At $125 million, the financing equates to roughly $378,800 per planned apartment, providing a useful benchmark for the capital intensity of new multifamily construction in downtown St. Petersburg. PTM has also used Berkadia on the first phase of Edge Collective, including a $42 million construction loan tied to the Moxy hotel and adaptive reuse components.

What The Edge Collective Already Includes

The first phase at 1234 Central Avenue was completed in 2024 and includes the 163-key Moxy St. Petersburg hotel and the renovation of the historic building at 1246 Central Avenue. PTM’s broader Edge Collective plan connects hospitality, retail and residential uses across the district. The firm describes the site as a key connection between Central Avenue and the broader redevelopment activity surrounding the former Tropicana Field area.

What Investors Should Watch

Edge Collective II is moving forward as St. Petersburg continues to attract major redevelopment activity. PTM has positioned the project within a Qualified Opportunity Zone and has said it intends to remain a long-term owner and operator in the EDGE District. The timing also puts the tower alongside major redevelopment plans around the Historic Gas Plant District, creating the potential for additional residential, retail and infrastructure investment around downtown St. Petersburg. With demolition nearing completion and vertical construction next, 330 new apartments and 19,000 square feet of retail are now backed by major construction financing. Completion is targeted for 2029.