Two Roads Scores $520M Construction Loan for Pendry Tampa

Two Roads Development secured $520 million in construction financing for a waterfront luxury hotel and condo tower in downtown Tampa.

Darien, Connecticut-based Nuveen Green Capital provided $290 million in C-PACE financing, the first such loan recorded in the city of Tampa, according to a press release. New York-based Sculptor Capital Management provided the rest of the financing.

The package likely marks the largest condo construction financing in Tampa.

Miami and West Palm Beach-based Two Roads, led by Taylor Collins and Reid Boren secured the debt for the Pendry Tampa and Pendry Residences Tampa, which will have a 220-key Pendry hotel and a 207-unit condo component. The condo portion is more than 60 percent presold with more than $300 million in presales, according to the release.

Condo prices range from $1.8 million to $5.8 million, excluding penthouses, according to a spokesperson.

Construction is underway on the fourth floor of the planned 38-story tower, which fronts the Hillsborough River. Amenities will include waterfront restaurants, more than 10,000 square feet of conference and ballroom space, a 14,000-square-foot spa and a fitness center.

C-PACE stands for Commercial Property Assessed Clean Energy, which encourages the use of energy efficient and sustainable materials and design. The Pendry project is being built more than 11 feet above sea level. The building’s HVAC system and the design of the structure will save 55,701 lifetime metric tons of carbon, according to a press release from Nuveen. That’s equivalent to the annual energy use of 7,500 homes in the U.S.

The project was once slated to become Trump Tower Tampa under a different group of developers, the Tampa Bay Times previously reported.

In South Florida, Two Roads and its partner, Alpha Blue Ventures, recently completed Forté on Flagler, a 25-story, 40-unit condo project in West Palm Beach. Nearly all the units were presold for a combined $289.1 million at the time the building was completed.

Two Roads’ track record in the region is complicated by litigation surrounding its planned Edition Residences condo project in Miami’s Edgewater. In July, the Third District Court of Appeal ruled in favor of a group of eight holdout owners who have been fighting the buyout of their condo building, Biscayne 21, for years. In 2022, Two Roads Development paid about $150 million for the majority of units at the bayfront 192-unit building, on the site where it plans to build Edition Residences. The following year, the holdout owners sued over the developer-controlled condo association amending the condo declaration to lower the requirement for a condo termination to 80 percent of owners, from 100 percent. Two Roads has said it plans to take the issue to the Florida Supreme Court.