Nuveen Green Capital Closes Record $290M C-PACE Financing for Tampa’s Pendry Hotel & Residences
Nuveen Green Capital (NGC) has closed on 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 38-story luxury tower, located in the city’s Riverwalk District, will feature 200 high-end condominiums above a 220-key hotel.
The financing, part of a $520 million package led by developer Two Roads Development in partnership with Sculptor Capital Management, will support energy and water efficiency upgrades, including improvements to the building envelope, lighting, and HVAC systems.
“This historic milestone showcases the growing sophistication and scale of C-PACE financing, demonstrating its capacity to support major developments,” said Ryan Doyle, senior director of originations at Nuveen Green Capital.
With over $4 billion originated nationwide, NGC has established itself as a leader in sustainable CRE financing. As an affiliate of Nuveen, the $1 trillion asset manager and wholly owned subsidiary of TIAA, the firm is driving large-scale adoption of green financing solutions in real estate.