Tyko’s $322M marina loan backs Integra’s repeat bet

Adi Chugh’s Tyko Capital has now written two nine-figure loans for Integra Investment in two years, the latest a $322 million facility for the Safe Harbor Rybovich marina in West Palm Beach, a deal first reported by Commercial Observer. The acquisition-and-construction loan arrives a month after a $73 million loan in property records showed Integra had closed on the 15-acre site at 4200 North Flagler Drive, and it gives the company capital to develop a property one source described to Commercial Observer as one of the best and busiest marinas in the country.

The marina faces the Intracoastal Waterway and was previously owned by the Huizenga family, and while Huizenga Holdings owned the site it filed plans that officials later approved for a 2.6 million-square-foot mixed-use development: four condo towers, 20,691 square feet of office space, 37,445 square feet of retail, 14,376 square feet of restaurants, crew amenities, and marine storage. Integra has not said whether it will build to that blueprint; in a statement, the company said it is not in a position to disclose further details, but that it is ‘very excited about the Palm Beach market’s future and what this development will bring to the area.’

Integra described the purchase as ‘a very important milestone in the development of what will become an incredible destination for the Palm Beach community,’ and confirmed that Tyko, under Adi Chugh’s leadership, ‘was an instrumental partner in providing us with the loan facility, which will pave the way for the successful development of the project.’ The company said the deal ‘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.’

Tyko closed a $527 million loan in 2024 on behalf of Integra and Related Group for the Ritz-Carlton Residences on the Biscayne Bay waterfront in Miami’s South Brickell, and the new loan is smaller but no less telling, putting the Related-Integra orbit on a contiguous stretch of Flagler Drive waterfront. Related Group owns the Icon Marina Village luxury rental complex at 4444 North Flagler Drive, just north of the Safe Harbor Rybovich site.

What sets the $322 million deal apart from a one-off construction loan is Tyko’s repeat relationship with Integra: the lender is underwriting the sponsor’s execution record, not just the site. The approved entitlement reduces zoning risk, but with the final program still unannounced the lender is also buying optionality on the mix of condos, office, retail, and marine storage that Integra ultimately pursues — a construction-risk bet, and a concentrated one.

The loan arrives as Morgan Stanley has said the four-year repricing is finished and the next cycle has opened, as this publication has reported, while Principal’s $107 billion real estate chief has said private appraisals are 12 to 18 months behind the public market. Private debt, by the evidence of this deal, is not waiting for the appraisal cycle to catch up; it is committing nine figures to waterfront development in Palm Beach.

The $322 million loan is private debt agreeing to take construction risk on entitled waterfront property in South Florida at a scale few balance sheets can match. Integra has delivered once on a $527 million project with Tyko, and the lender is betting it can do it again with a working marina and a bigger entitlement. If Palm Beach demand holds, the loan will look cheap; if it softens, the marina’s existing cash flow and the approved plan give the lender a recovery path that most construction loans do not have.