GID Provides $125 Million Construction Loan for 330-Unit St. Petersburg Multifamily Tower

PTM Partners has successfully obtained a $125 million construction loan for Edge Collective II, a 330-unit multifamily tower slated for St. Petersburg, Florida. The financing, a three-year, floating-rate loan, was provided by an affiliate of General Investment and Development (GID). Berkadia, with a team including Scott Wadler, Alec Fox, Mitch Sinberg, Matt Robbins, and Brad Williamson, arranged the transaction.

Edge Collective II is planned for the 1100 block of Central Avenue within St. Petersburg’s EDGE District. The 20-story building will also feature 19,000 square feet of ground-floor retail space, with construction projected to conclude in 2028. This development is the second phase of the Edge Collective project; the first phase, Moxy St. Petersburg, a 163-key Marriott hotel, opened in 2024.

According to Michael Tillman, CEO of PTM Partners, St. Petersburg is a rapidly expanding population center and a key market for housing and business investment. The financing underscores confidence in the project's vision and the developer's track record, demonstrating that projects with substantial equity, prime urban locations, and proven placemaking strategies continue to attract significant capital.