Tyko Capital Lends $322M on Integra Investment’s West Palm Beach Marina Project – Commercial Observer
Ship ahoy!
Adi Chugh’s Tyko Capital has docked money in West Palm Beach waters for Integra Investment’s new marina project.
The firm provided a $322 million acquisition and construction loan to Integra for Safe Harbor Rybovich, a 15-acre marina at 4200 North Flagler Drive in the coveted South Florida city that the real estate investment company recently acquired and plans to develop further, Commercial Observer has learned.
The West Palm Beach marina, which one source described as one of the best and busiest marinas in the country, faces the Intracoastal Waterway and was previously owned by the Huizenga family. Last month, a $73 million loan hit property records showing that Integra had purchased the land, Commercial Observer reported at the time.
In a statement, Integra described the purchase of the land as “a very important milestone in the development of what will become an incredible destination for the Palm Beach community.”
Integra also confirmed the loan, saying the firm was “very proud to confirm that Tyko, under the leadership of Adi Chugh, was an instrumental partner in providing us with the loan facility, which will pave the way for the successful development of the project. This marks our second large-scale project together with Tyko, which not only demonstrates Tyko’s ability to navigate complex projects, but also shows their deep commitment to investing in South Florida.”
Indeed, in 2024 Tyko closed a $527 million loan on behalf of Integra and Related Group for the Ritz-Carlton Residences on the Biscayne Bay waterfront in Miami’s South Brickell neighborhood.
Coincidentally, while the marina is Integra’s first project in West Palm Beach, Related Group owns the Icon Marina Village luxury rental complex at 4444 North Flagler Drive just north of it.
As for the marina development, while Integra said it’s not in a position to disclose further details about the project just yet, it’s “very excited about the Palm Beach market’s future and what this development will bring to the area.”
When it was in the ownership position, Huizenga Holdings filed plans to build a 2.6 million-square-foot, mixed-use development at the site — including four condo towers, 20,691 square feet of office space, 37,445 square feet of retail and 14,376 square feet of restaurants, plus crew amenities and marine storage — which was later approved by officials.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
