Two Roads Secures $520M for Luxury Pendry Tampa Project

Two Roads Development, a real estate firm based in South Florida, has secured $520 million in construction financing for its upscale Pendry Tampa and Pendry Residences Tampa project.

The package includes investments from New York City-based Sculptor Capital Management ($230 million) and Connecticut-based Nuveen Green Capital ($290 million).

The development features a 38-story tower facing the Hillsborough River. It will contain a 220-room Pendry hotel and 207 luxury condominium residences.

The project's amenities include approximately 15,000 sq ft of meeting and ballroom space, a 14,000 sq ft spa, dining concepts, a fitness center, and a kids club.

Nuveen Green‘s financing through a C-PACE loan supports sustainable construction and energy-saving initiatives.

The building incorporates floodgates, hurricane-resistant windows, backup generators, and is elevated 11 feet above sea level to reduce flood risk. The HVAC system and sustainable design are projected to save over 55,000 metric tons of carbon emissions over the building’s lifetime.

September’s travel funding cases also include Sonnenblick-Eichner securing $126 million to refinance Pacifica Hotels, Understory raising $14 million in a funding round led by Smedvig Ventures, and UnderTheDoormat receiving $7 million from OMRAN Group.