Related Group, BH Group Nab $360 Million Construction Loan

The Pérez family’s Related Group and Isaac and Liat Toledano’s BH Group secured $360 million in construction financing for their Icon Beach Waterfront Residences, a two-story luxury condo project in Hollywood.

Adi Chugh’s Tyko Capital is the lender, according to a news release. The loan adds to a pipeline of construction financing developers have secured for condo projects across South Florida this year.

Icon Beach, a planned 350-unit, 31-story development at 3210-3690 South Ocean Drive, is set to begin construction in May, according to the release. It could be completed in 2028.

The twin-tower project is designed by Cohen Freedman Encinose & Associates with interiors by Meyer Davids. Units will range from 948 square feet to 2,580 square feet and from one to three bedrooms.

The developers hired Gil Dezer’s Dezer Platinum Realty to lead sales and marketing, with prices that ranged from $825,000 to $2.8 million, in 2024.

Amenities will include an on-site marina, a beach club, fitness center, spa facilities, a pool and outdoor theater. The tower will also have art from Pérez’s contemporary art collection.

Related and BH bought the development site, which fronts the Intracoastal Waterway, for $30 million in 2023. The property is directly across the street from the Diplomat Beach Resort Hollywood. Two years ago, Related and BH also secured approval to build a 500-key condo-hotel on a nearby site, at 3451-3690 South Ocean Drive. The partnership paid $21.5 million in 2023 for the property.

The two firms have a number of condo developments in the works. In March, they secured $200 million in construction financing from Madison Realty Capital for their planned Ritz-Carlton Residences, West Palm Beach.

Related and Tyko have worked together before. In 2024, Related, Rockpoint and Two Roads Development secured a $424 million loan from Tyko for Rivage Residences, a luxury oceanfront condo project in Bal Harbour.