Nuveen Green Capital closes Record-Breaking $290 Million C-PACE Transaction

Largest C-PACE Financing in History Supports Luxury Pendry Hotel & Residences in Tampa

DARIEN, Conn., Sept. 15, 2025 /PRNewswire/ -- Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, announced today that it has closed on the largest C-PACE transaction to date at $290 million for the Pendry Hotel & Residences in Tampa, Florida. The closing also marks the first C-PACE financed transaction in the city of Tampa.

C-PACE, which stands for Commercial Property Assessed Clean Energy, provides flexible financing solutions to fund sustainability measures in new, ongoing, or recently completed commercial real estate construction projects. The record-breaking transaction demonstrates the growing sophistication and scale of C-PACE as a financing mechanism, underscoring C-PACE's evolution from a niche financing tool to a mainstream commercial real estate financing solution, now available in 40 states and Washington D.C.

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. Designed by Arquitectonica with interiors by Studio Munge, the development offers panoramic skyline views and luxury amenities including rooftop pools, spa, fitness center, and 15,000 square feet of event space.

NGC provided $290 million in C-PACE capital to the Sponsor, Two Roads Development, a South Florida-based real estate firm, in partnership with Sculptor Capital Management for the total $520 million financing package. By strategically utilizing C-PACE mid-construction, the Sponsor was able to leverage its flexible repayment structure and ability to finance the project in multiple tranches, resulting in lower total project costs.

The C-PACE capital will fund measures for energy and water efficiency and resiliency, including the building envelope, lighting and HVAC. The project marks the first in Florida where flood panels, a resiliency measure to protect against damaging erosion from high water levels, were eligible to be financed through C-PACE. The high efficiency HVAC, lighting, as well as the high-performance building envelope will save 55,701 lifetime metric tons of carbon, which is the equivalent to the annual energy use of 7,500 American homes, and the overall energy and water savings measures financed through C-PACE are estimated to save the property approximately $524,572 annually.

"We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital Management on this transformative luxury property that will redefine Tampa's skyline," said Ryan Doyle, Senior Director of Originations at Nuveen Green Capital. "This historic milestone showcases the growing sophistication and scale of C-PACE financing, demonstrating its capacity to support major developments. By deploying C-PACE mid-construction, the sponsor achieved significant project savings while ensuring successful completion and positioning the asset for long-term success." The deal team at Nuveen Green Capital included Ryan Doyle, Brendan Moore, and Tyler Amano.

"We had a great experience partnering with Nuveen Green Capital on this landmark C-PACE financing for the Pendry Hotel & Residences project," said Taylor Collins, Managing Partner at Two Roads Development. "The $290 million in C-PACE provided us with the financial flexibility we needed to execute this ambitious mixed-use development while significantly reducing our overall project costs. What impressed us most was NGC's ability to deploy C-PACE capital mid-construction with a flexible paydown structure that aligned well with our development timeline. Beyond the immediate financing benefits, we're proud that this project will deliver over half a million dollars in annual energy and water savings while incorporating cutting-edge resiliency measures like flood panels — a first for Florida's C-PACE market. This partnership demonstrates how C-PACE can support large-scale luxury developments while advancing sustainability goals in one of Florida's most dynamic markets."

Ahisha Moyet-Rodriguez, Manager of Programs for the Florida Development Finance Corporation and C-PACE administrator added, "It is exciting to have administered this historic C-PACE transaction, marking the largest ever, and the first in the city of Tampa. This forward momentum on a transaction of this size will help propel C-PACE as a powerful tool for economic development in this state and beyond."

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 program², 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.

¹ Total assets under management (AUM) as of 1/1/2025

² The United States Department of Energy: 2016 C-PACE Report lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.

SOURCE Nuveen Green Capital