Two Roads Development Secures $500M Construction Loan For The Pendry Tampa By Ryan Doyle & Steven Orbuch

The asset involved in the transaction is a development site located at 100 South Ashley Drive in Tampa. The loan amount secured for this site is $500,000,000 to facilitate construction. The project includes a 38-story condo-hotel tower featuring 220 hotel rooms and 207 residences, with 60% of the units already reserved through $300M in condo contracts. Coastal Construction is responsible for the building of this project, which highlights a significant financing arrangement in the market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $500,000,000
• Lender: Ryan Doyle - Nuveen Green Capital; Steven Orbuch - Sculptor Capital Management
• Landlord: Taylor Collins, Brad Meltzer, Reid J. Boren & James Harpel - Two Roads Development
• Loan Type: Construction
• Project Name: The Pendry Tampa
• Financing Type: C-PACE financing
• Construction Company: Coastal Construction

The key individuals involved in the deal include Ryan Doyle and Steven Orbuch representing the lenders, while Taylor Collins, Brad Meltzer, Reid J. Boren, and James Harpel represent the landlord and developer, Two Roads Development. This deal is characterized by the largest-ever C-PACE financing arrangement, reflecting a significant achievement within the real estate financing landscape.