Tyko Capital

Who it is

Tyko Capital is a construction lender run by Adi Chugh and funded by Paul Singer's Elliott Investment Management. The Promote notes that because it draws on one deep-pocketed capital partner rather than a commingled fund, it doesn't appear in industry fundraising league tables. That hasn't kept it out of the deal sheets. It did more than $2B of deals in the second half of 2024 and, by The Promote's count, more than $5B in the year to mid-2025. Tyko is the debt arm of Elliott's broader real estate push, which also includes 701 Brickell and the equity on RXR's billion-dollar 590 Madison buy.

Tyko's sweet spot is big, branded, presold Miami condo projects. It lent $527M for Related and Integra's St. Regis in Brickell, which was more than 60% presold. It also lent $424M for Rivage Bal Harbour, $565M for Vlad Doronin's 830 Brickell, and $392M for Terra and Turnberry's Grand Hyatt Miami Beach. In New York its book includes $357M for the Flatiron Building condo conversion, the mezzanine on Witkoff and Blavatnik's roughly $1.2B One High Line refi, and Gowanus rentals for Tavros. It also lent $280M to Vanbarton for a FiDi office-to-residential conversion. The marquee deal is Extell's 655 Madison: $150M of acquisition debt, then a $1.1B construction loan done directly, with no brokers.

The pipeline hasn't slowed. Since late 2025 Tyko has provided the senior piece of Oak Row's $465M Brickell land financing and the junior mezzanine on Apollo's record 111 Wall package. Across the Hudson it lent $338M of construction debt and a $220M refi for Namdar in Jersey City. In 2026 it gave Terra $410M in Coconut Grove and $507M at 1250 West in Miami Beach. That last loan came before any pre-sales, a sign that Tyko will now take risk Miami lenders traditionally avoided.