Parkview Financial has provided a $35-million loan to Two Roads Development for the refinancing of 1.73 acres of land along the east bank of the Hillsborough River in downtown Tampa, FL.

The parcel is entitled for the development of Pendry Tampa, a Class A, 37-story, residential and hotel project consisting of 207 for-sale condominiums and 220 luxury hotel rooms plus supporting retail and amenity areas. The building area will total in excess of 1.4 million square feet and include an 11-story parking structure.

Parkview’s loan will finance the land and associated soft costs for the borrower to secure the building permits, reignite marketing and sales and provide a bridge to execution of the construction financing.

Groundbreaking is anticipated for this late year with completion scheduled in late 2024.