TWO ROADS DEVELOPMENT SECURES $520 MILLION IN PROJECT FINANCING FOR TOTAL CONSTRUCTION OF PENDRY TAMPA & PENDRY RESIDENCES TAMPA

Residential sales now top 60 percent sold as construction rises above ground

TAMPA, Fla. (September 15, 2025) – Two Roads Development of South Florida is pleased to announce that it has secured $520 million in financing for the total construction of Pendry Tampa and Pendry Residences Tampa, the premiere luxury hotel and residential tower in downtown Tampa. Financing is being provided by Sculptor Real Estate of New York City, N.Y. and Nuveen Green Capital of Darien, Conn.

“Awareness of what’s happening in the Tampa Bay region is growing each year, and we received tremendous interest from across the nation to finance this development,” said Taylor Collins, Managing Partner of South Florida-based Two Roads Development that is leading creation of the Pendry Tampa & Pendry Residences Tampa. “We are honored to join forces with Sculptor Real Estate and Nuveen Green Capital to bring this development to life.”

Pendry Tampa and Pendry Residences Tampa are a mixed-use development situated on the Riverwalk in downtown Tampa at the corner of Ashley Drive and Whiting Street along the Hillsborough River that includes a 38-story tower with condominium residences as well as luxury hotel offerings.

Total value of residences under contract now tops more than $300 million, marking a tremendous milestone for the development of the project and for the growth of downtown Tampa.

“Sculptor Real Estate is proud to support the development of Pendry Tampa & Pendry Residences Tampa, a landmark project that will further elevate the city’s growing skyline,” said Steven Orbuch, Founder and President of Sculptor Real Estate. “This partnership reflects our confidence in Two Roads Development’s vision and the continued strength of Tampa’s luxury residential and hospitality markets.”

“We are thrilled to have partnered with Two Roads Development and Sculptor Real Estate on the Pendry project which is the largest-ever C-PACE transaction to date,” said Ryan Doyle, Senior Director of Originations at Nuveen Green Capital. “This landmark achievement underscores the increasing sophistication and scope of C-PACE, highlighting its ability to fund substantial development projects. By deploying C-PACE during the construction phase, our team was able to reduce costs while helping to establish a foundation for the asset’s continued success.”

Of note, Nuveen Green Capital is providing financing through Commercial Property Assessed Clean Energy, or C-PACE. C-PACE is private capital enabled by state legislation and encourages the use of designs and materials in commercial development that improve energy efficiency, building resiliency and other sustainability features.

At Pendry Tampa, the development is being designed and built with energy efficiency and resiliency in mind. The entire parcel is being raised to more than 11 feet above sea level to improve resiliency to weather events. The property will have additional floodgates that provide protection to ground-level areas. The structure will include backup generators, a parking deck that is more than 20 feet above sea level, hurricane-rated windows, as well as a host of other protections.

Construction of the tower is continuing apace, as construction teams have completed the building foundation and have poured concrete floors up and through the 4^th floor. As teams progress higher, the concrete formwork pace will accelerate up and through to the top of the building.

Pendry Tampa will feature a private guest entrance along Whiting Street, with more than 200 luxurious guestrooms. The property will also feature a collection of food and beverage offerings along the Riverwalk. Guests will enjoy four distinct culinary outlets, including both full-service dining and casual eating options that open directly onto the Riverwalk, delivering a truly one-of-a-kind dining and entertainment experience to Downtown Tampa. In addition, the development will include more than 10,000 square feet of conference and ballroom space, a 14,000-square-foot Spa Pendry, a state-of-the-art fitness center, the Paintbox kids club, and more

Pendry Residences are a bespoke collection of private, whole-ownership residential, condominium offerings. Pendry Residences Tampa will offer homeowners a private residential lobby along Ashley Drive, private elevator and rooftop pool. These residences offer fully serviced living with modern-designed homes ranging from one to three bedrooms, featuring expansive floor-to-ceiling windows and private terraces, starting at $1.7 million.

The development continues to secure strong commitments from future residents, with residential sales now exceeding 60 percent sold. Buyers drawn to Pendry can choose from a wide variety of floor levels and unique layouts, with each one fully serviced with an array of hotel services and amenities, including a dedicated residential staff, committed to turn-key ownership, including asset preservation, property management, and personalized experiences.

Pendry Tampa will be a great addition to Pendry’s growing portfolio, including San Diego, Baltimore, Chicago, Manhattan West, Washington D.C. – The Wharf, Park City, Newport Beach and Natirar, with future locations under development in in Barbados, Mexico City and Punta Mita.

For more information on Pendry Hotels & Resorts, please visit www.pendryhotels.com or follow @pendryhotels and @pendrytampa. For more information about Pendry Tampa, please visit www.pendry.com/tampa/. To learn more about Pendry Residences, please visit www.pendry.com/residences/. 

Two Roads Development

Two Roads Development is a South Florida–based real estate development firm recognized for creating some of the most distinctive residential and mixed-use projects across the United States. The company has built its reputation on delivering world-class properties defined by premier locations, innovative architecture, curated amenities, and exceptional services. The firm’s current portfolio includes: The Ocean Club, Four Seasons Residences, Bahamas, an exclusive collection of private residences managed by Four Seasons on Paradise Island; Four Seasons Private Residences Las Vegas, a blend of high-rise residences and standalone villas; Rivage Bal Harbour, a boutique luxury condominium along the oceanfront just north of Miami Beach; the EDITION Residences, Miami Edgewater; The Standard Residences and Lofty Residences Brickell in Miami’s Financial District; and the Pendry Residences, combining a luxury hotel and private residences in downtown Tampa. Two Roads has additionally completed several landmark projects, including Forté on Flagler, a boutique luxury waterfront condominium in West Palm Beach, along with Elysee and Biscayne Beach in Miami’s Edgewater district. Together, these developments reflect the company’s vision of elevating luxury living through design, quality, and lifestyle experiences.

For more information, visit https://tworoadsre.com

About Pendry Hotels & Resorts

Pendry Hotels & Resorts is a contemporary luxury hospitality brand from Montage International. Pendry combines inspired design with a celebration of culture and authentic service tailored to today’s cultured world traveler. Founders Alan J. Fuerstman and Michael Fuerstman’s well-seasoned experience in the hospitality industry serves as the foundation for the brand, injecting each property with a unique perspective on contemporary style, and an emphasis on the arts and local community in the city it calls home. The portfolio of hotels and resorts includes: Pendry San Diego, Sagamore Pendry Baltimore, Pendry Chicago, Pendry Manhattan West, Pendry Park City and Pendry Washington DC – The Wharf, Pendry Newport Beach and Pendry Natirar. Future destinations include Pendry Tampa, Pendry Barbados and Pendry La Quinta. Pendry Hotels & Resorts is a member of Preferred Hotels & Resorts. For more information on Pendry Hotels & Resorts, follow @pendryhotels or visit www.pendry.com.

About Pendry Residences  

Pendry Residences is a bespoke collection of private, whole ownership residential offerings at select Pendry Hotels & Resorts, a new luxury hospitality brand from Montage International. Pendry combines inspired design with a celebration of culture and authentic service. Created for cultured and discerning homeowners, each residential offering infuses a unique perspective on contemporary style that blends with the arts and local community. The Pendry Residences portfolio includes: West Hollywood, California; Natirar, New Jersey; Park City, Utah; Tampa, Florida and Barbados. For additional information on residential opportunities, please visit https://www.pendry.com/tampa/residences/

About Sculptor Real Estate

Sculptor Real Estate was founded in 2003 and has invested in over $24.1 billion of real estate assets across 30 different real estate related asset classes including direct equity investments, preferred equity structures, ground leases, senior loan, mezzanine loans, among other real estate investments. Sculptor Real Estate is an affiliate of Sculptor Capital Management, a leading global alternative asset management firm with approximately $36 billion in assets under management. For more information, visit www.sculptor.com.

About Nuveen Green Capital

With over $4 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+1 asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation’s first successful statewide C-PACE program , has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house.