PTM Lands $125M Financing for St. Pete Multifamily Community
PTM Partners closed on a $125 million construction loan from GID to finance EDGE Collective II, a 330-unit Class AA multifamily high-rise including 19,000 square feet of retail space in downtown St. Petersburg’s EDGE District.
Berkadia arranged the three-year, floating-rate construction loan on behalf of PTM Partners. The financing was arranged by Scott Wadler and Alec Fox of Berkadia Miami, together with Mitch Sinberg and Matt Robbins and Brad Williamson. Berkadia previously advised PTM Partners on the debt and equity capitalization of EDGE Collective’s first phase, including $42 million in construction financing for the Moxy St. Petersburg Downtown and the adaptive reuse components of the mixed-use development.
The Moxy St. Petersburg Downtown opened in 2024, along with restaurant and retail offerings, creative office space and shared outdoor areas. Phase II will build upon that foundation with 330 residential units and additional retail space.
Other News
Plans Filed for 155-Unit Office-to-Apartment Conversion in Boston
Boston continues to be a hub for office conversion enthusiasts, with Kendall Capital planning to convert a landmark office building in Boston’s Financial District into a 155-unit residential property. The 155,000-square-foot project would be financed through historic tax credits, according to a report by Banker & Tradesman. Kendall Capital manager Mai Luo acquired the property...
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Long Island City Commercial Building Changes Hands for $6M
A local developer has purchased a commercial unit in Long Island City for $6.1 million, or approximately $407 per buildable square foot, with plans to redevelop the building into high-end condos. Marcus & Millichap negotiated the sale of the now-vacant property at 49-03 Fifth St., which was formerly home to an auto repair shop. The...
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Marcus & Millichap Arranges Sale of 206-Unit Indiana MF Property
Marcus & Millichap announced the sale of Shoaff Park Villas, a 206-unit multifamily property in Fort Wayne, Indiana. “Shoaff Park Villas presented a rare opportunity as it was the first time the property had been offered for sale since 1976 after being owned by the same family for 50 years,” said Jack Friskney, director of...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout