Hollywood Luxury Condo Project Secures $360M Financing
Related Group and BH Group have obtained $360 million in construction financing from Tyko Capital for their Icon Beach Waterfront Residences project in Hollywood. The 350-unit luxury development will feature twin 31-story towers with units ranging from $825,000 to $2.8 million.
Related Group and BH Group have secured $360 million in construction financing for Icon Beach Waterfront Residences, their upcoming luxury condominium development in Hollywood. Tyko Capital provided the loan for the twin-tower project, which is scheduled to break ground in May and reach completion by 2028.
The development will feature 350 residential units across two 31-story towers at 3210-3690 South Ocean Drive. Unit sizes will span from 948 square feet to 2,580 square feet, with one to three bedroom configurations. Pricing ranges from $825,000 to $2.8 million, according to sales and marketing firm Dezer Platinum Realty, which Related and BH have engaged to handle the project's commercial launch.
Cohen Freedman Encinose & Associates designed the architectural plans, while Meyer Davids will handle interior design. The development will include premium amenities such as an on-site marina, beach club, fitness center, spa facilities, swimming pool, and outdoor theater. The towers will also display artwork from the Pérez family's contemporary art collection.
The development partnership acquired the waterfront site for $30 million in 2023. The property sits directly across from the Diplomat Beach Resort Hollywood and offers frontage along the Intracoastal Waterway. Two years earlier, the same partnership received approval to construct a 500-room condo-hotel on an adjacent parcel at 3451-3690 South Ocean Drive, which they purchased for $21.5 million in 2023.
This financing represents the latest collaboration between Related Group and Tyko Capital. In 2024, Related partnered with Rockpoint and Two Roads Development to obtain a $424 million loan from Tyko for Rivage Residences, a luxury oceanfront condominium project in Bal Harbour. The current deal also adds to the growing pipeline of construction financing that South Florida developers have secured for condominium projects throughout this year.
Related Group and BH Group continue expanding their South Florida development portfolio. In March, the partnership obtained $200 million in construction financing from Madison Realty Capital for their planned Ritz-Carlton Residences in West Palm Beach. These projects reflect the sustained investor confidence in South Florida's luxury residential market, particularly in prime waterfront locations along the region's Atlantic coastline and Intracoastal waterways.
