Tyko Loans $285M to Build Mr. C Condo and Hotel in West Palm Beach
By Julia Echikson August 21, 2025 1:49 pm
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Developers Terra and Sympatico Real Estate scored a $285 million construction loan from Tyko Capital for the Mr. C-branded condo and hotel development in Downtown West Palm Beach, Fla.
The project will house 110 hotel rooms and 146 condos at 320 Lakeview Avenue, adjacent to Okeechobee Boulevard and three blocks from Royal Park Bridge, which leads to Palm Beach. About 70 percent of the condos have presold, with Douglas Elliman acting as the in-house brokerage, according to a representative for Terra.
“Our lender recognizes the prime opportunity in West Palm Beach and the potential for continued growth in demand,” David Martin, the CEO of Terra, said in a statement. “With walkable access to excellent retail and dining, the property offers a turnkey lifestyle defined by curated design.”
Brothers Ignazio and Maggio Cipriani, fourth-generation members of the Cipriani hospitality family, founded the Mr. C brand, with the West Palm Beach development marking its third South Florida project. In 2019, the pair opened a Mr. C hotel in Miami’s Coconut Grove neighborhood. Last year, Terra completed a Mr. C condo building, also in Coconut Grove.
The Mr. C project is the latest luxury condo development in West Palm Beach as supply on Palm Beach Island remains limited. In June, Stephen Ross secured a $600 million package to build a luxury 108-unit waterfront condo building. In March, Savanna landed a $380 million construction loan for a luxury waterfront residential project.
Tyko Capital, led by Adi Chugh and backed by Elliott Management, has emerged as a prolific lender in South Florida. Last year, the private lender supplied a $424 million construction loan for Related Group’s luxury oceanfront condo development in Bal Harbour.
It also provided construction funding for Terra’s other projects, including $285 million for a Major Food Group-branded condo project in Miami and $392 million for a hotel next to the convention center in Miami Beach.
Julia Echikson can be reached at jechikson@commercialobserver.com.
