Adi Chugh

Adi Chugh powered onto the Power Finance list for the first time last year, and for good reason. A mere 18 months into launching Tyko Capital — along with partner Elliott Investment Management — Chugh at the time was already winning some of the industry’s hottest deals and leaving competitors in the dust to the tune of $5 billion. 

The momentum has continued, and Tyko Capital has become an even more impressive force, closing $5.8 billion in transactions this past year. 

“We continue to focus on our core tenets of top sponsors, top assets and top markets,” Chugh said. “While the market was competitive, we were still able to continue to gain market share because we stuck to the basics of our business.”

Chugh is behind some of the biggest deals in Miami and New York today, and when we say big, we mean big. In Miami, Tyko refinanced the city’s most famous office address, 830 Brickell, with a $565 million loan on behalf of Cain and OKO last summer. 

But it didn’t stop there. While the weather turned cooler, Tyko turned up the heat with a $527 million loan for Related Group’s St. Regis-branded condo tower; $424 million for Related’s oceanfront condo project in Bal Harbour; a $285 million construction loan for Terra’s Mr. C Hotel & Residences In West Palm Beach; and a $410 million loan for Terra and AB Management’s boutique luxury condo development in Coconut Grove. 

As for New York, let’s start with the cherry-on-top deal. In December, Tyko was the lender behind the $1.13 billion financing for Extell Development’s mixed-use building at 655 Madison, marking New York City’s biggest construction loan of the year. Fashion and fragrance giant Chanel will house its flagship location at the building’s base, and all around it was a deal that made us say, “Ooh la la!” 

Farther downtown, Tyko, along with J,P. Morgan and Apollo Global Management, financed 111 Wall Street’s conversion to residential use with a $867 million loan. Across the river, it provided $358 million of construction financing for two mixed-use assets owned by Namdar Group in Jersey City’s Journal Square neighborhood, and — a few months later — a $220 million refinance for the developer’s 27-story Class A multifamily property at 626 Newmark Avenue, also in Journal Square. 

Tyko’s lending volume featured a number of repeat borrowers, which Chugh attributed to the firm’s flexibility to customize loan structure based on market conditions.  

“They are coming to us because they know that every single transaction, no matter what it is, will have some speed bumps along the way. And, in those testy times, they know who will be there to have that difficult conversation with them, and who will be there to collaborate during that difficult time,” Chugh said. 

“Whenever there is some hiccup in the process, we can actively roll our sleeves up with the borrower to find an elegant solution that works for both. At the end of the day, even though we are a lender, we are their partner through and through until we get paid back.”