Tyko Capital, led by Adi Chugh, has provided financing for Integra Investment's new marina project in West Palm Beach. The company issued an acquisition and construction loan of $322m to Integra for the Safe Harbor Rybovich Marina. This marina spans 15 acres at 4200 North Flagler Drive in the desirable South Florida region. Integra Investment recently acquired the facility and plans its further development, as Commercial Observer has learned.
The West Palm Beach marina, described by one source as one of the country's best and busiest marinas, is located directly on the Intracoastal Waterway and was previously owned by the Huizenga family. Last month, property records showed a $73m loan documenting Integra's acquisition of the land, Commercial Observer reported at the time. In a statement, Integra described the purchase of the site as "a very significant milestone in the development of what will become an incredible destination for the Palm Beach community."
Strategic Partnership and Future Development
Integra also confirmed the financing, stating they were "very proud to confirm that Tyko, led by Adi Chugh, was an integral partner in providing the credit facility that will pave the way for the successful development of the project." This marks the second major joint project with Tyko, which "not only proves Tyko's ability to navigate complex projects but also demonstrates their deep commitment to investing in South Florida."
In 2024, Tyko completed a $527m loan on behalf of Integra and the Related Group for the Ritz-Carlton Residences on the Biscayne Bay Waterfront in Miami's South Brickell neighbourhood. Interestingly, the marina is Integra's first project in West Palm Beach, while the Related Group owns the luxury rental complex Icon Marina Village at 4444 North Flagler Drive, just north of it.
Ambitious Plans for the Marina
Although Integra is currently unable to release further details about the project, the company is "very excited about the future of the Palm Beach market and what this development will bring to the region." When the marina was still owned by Huizenga Holdings, plans for a 2.6 million square foot mixed-use development on the site were submitted and later approved by authorities. These plans included, among other things, four condominium towers, 20,691 square feet of office space, 37,445 square feet of retail space, and 14,376 square feet of restaurant space, complemented by crew amenities and marina storage facilities.
