Tampa luxury tower picks up $520M in financing

The developer behind the Pendry Tampa & Pendry Residences tower under construction in downtown Tampa has secured more than $500 million in funding.

Two Roads Development announced Monday that the $520 million in construction financing package is from Sculptor Real Estate, a New York real estate investment firm, and Connecticut-based Nuveen Green Capital.

Terms of the loan were not immediately available.

A spokesperson for Two Roads says Sculptor is not investing in the project but providing financing.

Nuveen’s portion is coming through the Commercial Property Assessed Clean Energy program.

According to the U.S. Environmental Protection Agency, C-PACE is a “financing tool that allows property owners to finance the upfront cost for qualified energy, water, resilience and public benefit projects with funding through a voluntary assessment on the property tax bill.”

Nuveen specializes in sustainable commercial real estate financing.

One key feature of the project, Two Roads says, is resiliency. It is being built 11 feet above sea level and will include floodgates to protect ground-level areas. It will also have backup generators, a parking deck more than 20 feet above sea level and hurricane-rated windows.

The 38-story luxury hotel and condominium complex on Tampa’s Riverwalk is expected to open in 2027, about two years later than originally announced. When complete, it will have 220 hotel rooms, 10,000 square feet of meeting and ballroom space and a 14,000-square-foot spa. There will also be four dining concepts.

On the floors above the hotel will be 207 condos that will have a dedicated residential staff as well as a private entrance, lobby and elevator and access to hotel amenities. Units will begin at $1.7 million.

Construction is currently underway, with the foundation poured and concrete floors built up to the 4th floor.

Two Roads, in the statement announcing the financing, says more than 60% of the units have sold, with the total value topping $300 million.

Pendry is part of Montage International, a chain of ultra-luxury hotels, resorts and residences. Pendry operates properties in Hollywood, California; Chicago; New York; Baltimore; and Park City, Utah.