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Tyko Capital provides $322M loan for West Palm Beach marina project
The marina site was previously owned by the Huizenga family, and Integra bought the land last month for $73 million before the new acquisition and construction financing.
Tyko Capital, led by Adi Chugh, has provided a $322 million acquisition and construction loan to Integra Investment for Safe Harbor Rybovich, a planned 15-acre marina at 4200 North Flagler Drive in West Palm Beach, Florida, according to Commercial Observer. The outlet reports the marina faces the Intracoastal Waterway and was previously owned by the Huizenga family. Commercial Observer also notes that last month a $73 million loan appeared in property records tied to Integra’s purchase of the land.
Integra confirmed the financing, saying Tyko was an instrumental partner in making the loan facility available to support development. The company added that it marks their second large-scale project together, after Tyko helped close a $527 million loan for Integra and Related Group tied to Ritz-Carlton Residences on Biscayne Bay in Miami’s South Brickell neighborhood.
Commercial Observer adds that while the marina is Integra’s first West Palm Beach project, Related Group owns the Icon Marina Village luxury rental complex at 4444 North Flagler Drive just north of the site. It also notes that Huizenga Holdings previously filed plans for a 2.6 million-square-foot mixed-use development at the property, including multiple condo towers, office, retail, restaurants, and crew amenities, which were later approved by officials.