At a glance
- Berkadia arranged the three-year, floating-rate loan on the sponsor's behalf, with Scott Wadler and Alec Fox in the Miami office working it alongside Mitch Sinberg, Matt Robbins and Brad Williamson.
- Berkadia has now been on both phases, having advised PTM on the debt and equity capitalization of EDGE Collective's first phase, which included $42 million in construction financing for the Moxy St. Petersburg Downtown and the adaptive reuse components of the development.
- At $125 million against 330 units, the loan works out to roughly $379,000 a door, before the retail floorplate and before any equity sitting behind the debt, but the more consequential figure is the term.
PTM Partners has closed a $125 million construction loan from GID for EDGE Collective II, a 330-unit Class AA apartment high-rise with 19,000 square feet of retail in downtown St. Petersburg's EDGE District, as Connect CRE reported. Berkadia arranged the three-year, floating-rate loan on the sponsor's behalf, with Scott Wadler and Alec Fox in the Miami office working it alongside Mitch Sinberg, Matt Robbins and Brad Williamson.
Berkadia has now been on both phases, having advised PTM on the debt and equity capitalization of EDGE Collective's first phase, which included $42 million in construction financing for the Moxy St. Petersburg Downtown and the adaptive reuse components of the development. That hotel opened in 2024 alongside restaurant and retail space, creative office and shared outdoor areas, and Phase II puts the residential program and additional retail on the same foundation. Add the two together and Berkadia has had a hand in $167 million of construction financing for the same sponsor in the same district, with the second-phase loan coming in at nearly three times the first.
At $125 million against 330 units, the loan works out to roughly $379,000 a door, before the retail floorplate and before any equity sitting behind the debt, but the more consequential figure is the term. A three-year loan closed at the end of September 2026 matures in 2029, which leaves PTM to line up a takeout — agency, bank or a sale — inside a window that also has to absorb construction and lease-up. The coverage does not say when the building delivers, how the loan prices, or how much equity is in the stack.
Three years has been the standard shape of South Florida construction debt this year, and Cirrus's $118.6 million loan on Gatsby Florida's 200,000-square-foot Palm Beach Gardens office tower runs that term, leaving a year or less between completion and maturity on unleased space. The EDGE Collective loan has one thing that office tower does not: a hotel, restaurant and retail base already trading next door, which should give the ground-floor retail underwriting a rent comp from the district rather than a projection.
Retail has split into two markets this cycle: grocery anchors and drive-through boxes set price while urban storefronts reprice tenant by tenant. The 19,000 square feet in Phase II sits on the storefront side of that split, and the nearest leasing evidence in the district is the first phase's own lineup. Whether those storefronts clear at rents that hold up a Class AA basis, and at what spread to the units above them, is what the loan's 2029 maturity will price.
A three-year loan closed at the end of September 2026 matures in 2029, which leaves PTM to line up a takeout — agency, bank or a sale — inside a window that also has to absorb construction and lease-up.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections