Multifamily

TAMPA, FLA. — South Florida-based Two Roads Development has received $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a hospitality and residential project that will be located in the city’s downtown area. Pendry is a luxury hospitality operating platform and a division of California-based Montage International. New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital provided the financing. The latter’s $290 million contribution came in the form of Commercial Property Assessed Clean Energy (C-PACE) financing. “We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital on this transformative luxury property that will redefine Tampa’s skyline,” says Ryan Doyle, senior director of originations at Nuveen Green Capital. “This historic milestone showcases the growing sophistication and scale of C-PACE financing and its capacity to support major developments.” “Awareness of what’s happening in the Tampa Bay region is growing each year, and we received tremendous interest from across the nation to finance this development,” adds Taylor Collins, managing partner of South Florida-based Two Roads Development. Designed by Arquitectonica with interiors by Studio Munge, Pendry Tampa and Pendry Residences Tampa will be housed within a 38-story high-rise building …