Tyko Capital has cut a massive check for Hollywood Beach, delivering a $360 million construction loan to Related Group and BH Group for their planned Icon Beach Waterfront Residences condo tower. The financing clears the biggest hurdle in front of the project and puts it on track to start construction this spring, a notable show of confidence in high-end South Florida condos at a time when the broader market narrative sounds a lot more cautious.
According to CoStar, the $360 million facility goes to a joint venture between Related and BH. The May 4, 2026 report ties the deal to Tyko founder and CEO Adi Chugh, Related condominium chief Nicholas Pérez and BH Group principal Isaac Toledano. CoStar identifies the financed asset as Icon Beach Waterfront Residences on Hollywood’s shoreline.
Project Details And Timeline
Developer materials and trade reports describe Icon Beach as a 37- to 38-story waterfront tower with roughly 350 residences and between 30,000 and 40,000 square feet of amenities. Plans call for a private marina, a full-service beach club and a long list of resort-style perks aimed squarely at luxury buyers. Related Group and ConnectCRE outline the unit mix and amenity program, while Bisnow places the site at 3724 S. Ocean Drive, across from the Diplomat Beach Resort. Trade coverage says construction is expected to start this spring, with completion targeted around 2028.
Tyko Steps In
Tyko Capital, led by founder and CEO Adi Chugh, has quickly become an active nonbank source of large construction financing. Tyko Capital describes itself as a multi-billion-dollar private credit platform, and industry write-ups note a series of high-profile deals in New York and South Florida. A Commercial Observer profile highlights Chugh’s background and Tyko’s recent transaction volume, context that helps explain how the firm could take on a $360 million condo construction loan in Hollywood.
Who Arranged The Deal
Trade outlets credit Ackman-Ziff Real Estate Group’s Andrew Rudy and Jordan Brustein with arranging the financing package. Bisnow and other reporting say the loan will allow Related and BH to start vertical construction this spring. The size of the commitment, coupled with the fact that it came from a private credit platform rather than a traditional bank, is being read as a sign that lenders are warming back up to premium coastal projects.
What It Means For Hollywood
Sales at Icon Beach launched last year with pricing that started in the mid-$800,000s, positioning the project firmly in the luxury and second-home segment. The South Florida Business Journal reported initial pricing at about $825,000, and Florida YIMBY quotes developers calling the Tyko financing the milestone needed to officially break ground. With the construction loan closed, the team can move from presales and planning to the months of heavy waterfront work required to bring the tower out of the ground…