Record C-PACE deal for Pendry Tampa

TAMPA, Florida — South Florida-based Two Roads Development has received $520 million in construction financing for Montage International’s Pendry Tampa and Pendry Residences Tampa from New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital. The latter’s $290 million contribution came in the form of the largest ever C-PACE financing transaction.

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. A tentative construction completion date was not announced.

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% of the units have been sold for an aggregate amount in excess of $300 million, with prices starting at $1.7 million.

“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,” said Two Roars Managing Partner Taylor Collins.

“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,” said 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.”

Two Roads current portfolio includes The Ocean Club, Four Seasons Residences, Bahamas; Four Seasons Private Residences Las Vegas; Rivage Bal Harbour, a boutique luxury condominium along the oceanfront just north of Miami Beach; the Edition Residences, Miami Edgewater; and The Standard Residences and Lofty Residences Brickell in Miami’s Financial District.