Summary
Pendry Hotel & Residences is a new 38-story, mixed-use luxury condominium and hotel tower located in Downtown Tampa’s burgeoning Riverwalk District. The Pendry Residences will include 200 luxury residential condominium units above the 220-key Pendry Hotel.
C-PACE Opportunity
NGC provided $290 million in C-PACE capital to the Sponsor, Two Roads Development, in partnership with Sculptor Capital Management for the total $520 million financing package for the Pendry Hotel & Residences. By strategically utilizing C-PACE mid-construction, Two Roads was able to leverage its flexible repayment structure and ability to finance the project in multiple tranches. By accessing C-PACE funds incrementally as construction milestones are reached, the Sponsor will minimize interest carry costs and reduce total project financing expenses.
