TRD Tampa Opportunity LLC Lawsuit | Pendry Tampa Fund
The White Law Group is investigating potential claims on behalf of investors who bought into TRD Tampa Opportunity LLC, also marketed as the Pendry Tampa Opportunity Zone Fund, through a financial advisor or broker.
Pendry Tampa, the downtown hotel and condo tower purportedly financed in part through the TRD Tampa Opportunity LLC opportunity zone fund, is now expected to open in 2027, according to trade press. Early announcements targeted completion in 2026. Investors who are concerned may be able to recover through FINRA arbitration.
What Is TRD Tampa Opportunity LLC?
TRD Tampa Opportunity LLC is a Delaware company formed in 2021 and based in West Palm Beach, Florida. It was reportedly set up as an opportunity zone fund to invest in Pendry Tampa, a 38-story hotel and condo tower on the Tampa Riverwalk. The developer is Two Roads Development, a Florida real estate company. Pendry is the hotel brand, not the issuer of the fund.
TRD Tampa Opportunity LLC Offering Terms
The fund filed one Form D with the SEC, dated January 12, 2022. It offered up to $50 million in equity under Rule 506(c), which limits sales to accredited investors. At that time, it reported $1.5 million sold to one investor.
Broker Due Diligence Obligations
FINRA requires brokers and their firms to investigate a private placement before recommending it. For this fund, the public record was thin. EDGAR shows no amended Form D, even though SEC rules generally call for a yearly update while an offering continues.
A broker also had to decide whether a long-term, hard-to-sell real estate fund fit each client’s age, goals and need for cash.
TRD Tampa Opportunity LLC Lawsuit and Arbitration Options
Investors who bought through a broker usually bring claims in FINRA arbitration rather than court. Claims may involve unsuitable recommendations, understated risks or poor due diligence by the brokerage firm.
Contact The White Law Group
The White Law Group is a national securities fraud and investment loss recovery law firm with offices in Chicago and Seattle. If you invested in TRD Tampa Opportunity LLC or the Pendry Tampa Opportunity Zone Fund, call us at (888) 637-5510 for a free consultation, or contact us online.
Frequently Asked Questions
Q1: How do I file a claim to recover money I invested in TRD Tampa Opportunity LLC?
A1: Most investors file a claim through FINRA arbitration against the brokerage firm that sold them the investment. Most brokerage account agreements typically include a pre-dispute arbitration clause, which many retail investors don’t know about. Arbitration works much like a lawsuit and can end with a money award.
Q2: What are the risks of an opportunity zone private placement like the Pendry Tampa fund?
A2: These are high-risk, illiquid investments that are not registered with the SEC. The tax benefits depend on holding for about 10 years, so your money can be tied up for a long time. This fund is also tied to a single construction project, so delays or cost overruns hit investors directly.
Q3: Can the brokerage firm be held responsible for my losses?
A3: Yes, in some cases. Brokerage firms must check out the private placements their brokers recommend and supervise how those products are sold. If the firm skipped that work or let a broker recommend an unsuitable investment, it may be liable for failing to supervise.
