Nuveen Green Capital (NGC) closed on the largest C-PACE transaction to date, $290 million for the Pendry Hotel & Residences in Tampa, Florida.
NGC provided the loan to Two Roads Development, in partnership with Sculptor Capital Management, for the total $520 million financing package. By utilizing C-PACE mid-construction, the Sponsor leveraged its flexible repayment structure and ability to finance the project in multiple tranches, resulting in lower total project costs.
Pendry Hotel & Residences is a new 38-story, mixed-use luxury condominium and hotel tower located in Downtown Tampa’s Riverwalk District. The Pendry Residences will include 200 luxury condominium units above the 220-key Pendry Hotel. Designed by Arquitectonica, the development offers amenities including rooftop pools, a spa, a fitness center, and 15,000 square feet of event space.
C-PACE provides flexible financing solutions to fund sustainability measures in new, ongoing, or recently completed commercial real estate construction projects. The C-PACE capital will fund measures for energy and water efficiency and resiliency, including the building envelope, lighting and HVAC.
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