Michael Tillman & Nicholas Pantuliano Secure $125 Million Construction Loan From GID For Mixed-Use Development
1100 Central Avenue
$125,000,000
Units
330
Asset Type
Mixed-use
Closing
Sep 25, 2026
About this deal
AI
The property asset is a mixed-use development located at 1100 Central Avenue in the St. Petersburg market, featuring a total of 330 units. The financing arrangement involved a loan amount of $125,000,000 intended for construction purposes, structured as a three-year, floating-rate loan.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $125,000,000
- Lender: GID
- Borrower: Michael Tillman & Nicholas Pantuliano - PTM Partners
- Landlord's Representatives: Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins & Brad Williamson - Berkadia
- Loan Type: Construction
- Loan Terms: three-year, floating-rate
The deal involved key individuals including Michael Tillman and Nicholas Pantuliano, who acted as the borrowers through their firm, PTM Partners. The transaction was facilitated by a group of representatives from Berkadia, including Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins, and Brad Williamson, representing the landlord in this construction financing transaction.
On the Map
$125,000,000
Mixed-use
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Players
Saint Petersburg Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93