Adi Chugh

Who they are

Adi Chugh spent years on the other side of the table. As a debt broker he placed loans for New York's condo crowd. One example: in 2014, as a principal at Maverick, he arranged Yitzchak Tessler's $141M, 85% loan-to-cost financing at 172 Madison. That project later became one of the city's condo cautionary tales. The Promote has also identified him with Surya. Around 2023 he crossed over to lending and launched Tyko Capital as a joint venture with Paul Singer's Elliott Investment Management. Within about a year and a half he was writing some of the biggest checks in commercial real estate.

The rise was fast enough that The Promote named it a defining storyline of 2024. Tyko, it argued, had unseated Bank OZK as the most talked-about construction lender as regional banks pulled back. Chugh's signature relationship is with Gary Barnett. Tyko provided $150M of acquisition debt at 655 Madison, then a $1.1B construction loan that was done directly, with no brokers. His South Florida book is so deep that The Promote now introduces his loans with "(who else?)". He has also become a fixture of CREFC week in Miami Beach. Tyko's welcome parties at the Setai drew a who's-who of sponsors and lenders in both 2025 and 2026. The Promote reported that in 2026 Chugh "went all out" even by his own standards.

In the past year Chugh has kept leaning into risk that others avoid. Tyko took the priciest junior mezzanine slice of Apollo's record office-to-residential package at 111 Wall. It provided the senior piece of a $465M acquisition and predevelopment loan for Oak Row's $520M Brickell waterfront land buy. It also lent Terra $410M for a Coconut Grove condo. In October 2026 it gave David Martin's Terra Group a $507M construction loan for 1250 West in Miami Beach. That loan closed before pre-sales, which is unusual for Miami.