Adi Chugh’s Tyko Capital has provided a $322 million acquisition and construction loan to Integra Investment for Safe Harbor Rybovich, a 15-acre marina at 4200 North Flagler Drive in West Palm Beach, Commercial Observer reported on August 31, 2026. The financing supports Integra’s recently acquired marina site, which the real estate investment company plans to develop further. The transaction matters because it pairs a significant private credit lender with a high-profile South Florida waterfront assemblage, and because it extends an existing lending relationship into one of the region’s most active marina locations.
The loan is structured as acquisition and construction financing, though the dossier does not specify its term, rate, or other mechanics. The property faces the Intracoastal Waterway and was previously owned by the Huizenga family. Last month, a separate $73 million loan hit property records showing that Integra had purchased the land, Commercial Observer reported at the time. Integra described the land purchase as “a very important milestone in the development of what will become an incredible destination for the Palm Beach community.” The company also confirmed the Tyko loan, saying it 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.”
The evidence comes from a single full-text Commercial Observer article by Cathy Cunningham, a tier-one secondary trade publication. The report cites a source describing the marina as one of the best and busiest in the country, but it does not provide independent verification of that characterization. The article also notes that Integra said it was not in a position to disclose further project details, and that when Huizenga Holdings was in the ownership position, it filed plans for 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. Those plans were later approved by officials, but the dossier does not confirm whether Integra will pursue the same or a modified program.
The deal has broader implications for South Florida commercial real estate lending. Integra noted that this marks its second large-scale project with Tyko, following a $527 million loan Tyko closed in 2024 on behalf of Integra and Related Group for the Ritz-Carlton Residences on the Biscayne Bay waterfront in Miami’s South Brickell neighborhood. Integra said the repeat transaction “not only demonstrates Tyko’s ability to navigate complex projects, but also shows their deep commitment to investing in South Florida.” The marina is Integra’s first project in West Palm Beach, while Related Group owns the Icon Marina Village luxury rental complex at 4444 North Flagler Drive just north of the site, suggesting a cluster of institutional activity along that stretch of waterfront.
Several limitations apply. The dossier contains one source read in full, and key facts such as the $322 million loan amount, the $73 million land loan, and the $527 million Ritz-Carlton loan are each uncorroborated within the provided material. The article does not disclose the loan’s pricing, maturity, leverage, or construction timeline, and Integra explicitly declined to share further development details. What to watch includes whether property records confirm the Tyko loan, whether Integra files new site plans that differ from the Huizenga-era approvals, and whether the marina’s operational performance supports the scale of construction financing described.