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**Nuveen Green Capital Closes Record $290M C-PACE Financing for Luxury Tampa Project**
Nuveen Green Capital (NGC) has completed the largest Commercial Property Assessed Clean Energy (C-PACE) transaction to date, providing $290 million in financing for the Pendry Hotel & Residences in Tampa, Florida.
The loan was provided to Two Roads Development, in partnership with Sculptor Capital Management, as part of a broader $520 million financing package. By utilizing C-PACE financing during the construction phase, the project sponsors were able to take advantage of the repayment flexibility and tranche-based financing structure, resulting in lower overall development costs.
Located in Tampa’s Riverwalk District, the Pendry Hotel & Residences is a 38-story luxury mixed-use tower designed by Arquitectonica. The development will feature 200 high-end condominium units built atop a 220-room Pendry Hotel. Residents and guests will have access to upscale amenities, including rooftop pools, a full-service spa, a fitness center, and 15,000 square feet of event space.
C-PACE financing programs are increasingly being used to support sustainability measures in commercial real estate developments. In this project, C-PACE capital will be applied toward enhancing energy and water efficiency, as well as supporting resiliency improvements. These include upgrades to the building envelope, lighting systems, and HVAC infrastructure.
This milestone transaction underscores the growing role of innovative financing solutions like C-PACE in driving both economic and environmental performance in large-scale real estate developments.
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