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 at the corner of Ashley Drive and Whiting Street along the Hillsborough River. The hotel component will 220 rooms.
Pendry Residences Tampa will have about 200 for-sale residences that will be available in one-, two- and three-bedroom floor plans. Owners will also have access to a private lobby, elevator and rooftop pool. Two Roads says that 60 percent of the units have been sold for an aggregate amount in excess of $300 million, with prices starting at $1.7 million.
Pendry Tampa will also feature four food-and-beverage establishments with riverfront seating, including both full-service dining and fast-casual options. Addition hospitality amenities will include approximately 15,000 square feet of meeting and event space, a 14,000-square-foot spa, fitness center and a kids club. A tentative construction completion date was not announced.
— Taylor Williams