PTM Partners, a real estate investment and development firm, and DoveHill Capital Management, a vertically integrated hospitality real estate developer, obtained $42 million in construction financing for the Edge Collective on Central Avenue in St. Petersburg, Florida. The loan will enable construction to begin on the mixed-use, qualified opportunity zone development, which will include a 163-key Moxy Hotel by Marriott.
Forbright Bank issued the loan, with Berkadia advising on debt and equity capitalization on behalf of the Edge Collective. Forbright is providing a combination of senior and CPACE debt.
The project will provide the first lifestyle hotel for downtown St. Peterburg’s EDGE (Entertainment, Dining, Galleries, Etc.) District. In addition to the Moxy Hotel, the Edge Collective will include an outdoor garden and retail paseo and a 17,000-square-foot, four-story building that will offer retail, restaurant, and commercial space.
“This is another one of the properties in our district that’s really critical, it’s especially important as a boutique hotel. That’s a business mix we don’t have yet,” said EDGE Business District Association executive director Barbara Voglewede when the project was approved by the St. Petersburg city council in late 2019.“ In addition, there’s a business incubator and shared and affordable office space in the existing building next door, another thing we don’t have currently.”
PTM Partners is a real estate investment and development firm focused on qualified opportunity zones.