Related Group (Related), Rockpoint, and Two Roads Development have closed on $424 million in financing for the construction of Rivage Residences Bal Harbour (Rivage). The loan was provided by TYKO Capital, a multi-billion-dollar commercial real estate investment management platform led by Adi Chugh.

As the first new ultra-luxury condo tower in the exclusive Village of Bal Harbour in more than a decade, Rivage has seen robust demand since its unveiling in January of 2023. The strong sales pace has resulted in more than $100 million in sales over the last 60 days. Construction began in September 2024, with delivery expected for 2027.

“We envisioned Rivage as an unparalleled jewel of luxury and service, surpassing even the most prestigious residential offerings in this iconic community,” said Nick Pérez, President of Condominium Development at Related. “With TYKO’s invaluable support, we are poised to bring that vision to life, once again setting a new standard in one of the world’s most competitive real estate markets.”

“We welcome the opportunity to have the TYKO team work alongside Related, Rockpoint and Two Roads to bring Rivage to Bal Harbour,” said Dan Domb, Managing Member at Rockpoint. “With construction and sales both well underway, we look forward to delivering this unique luxury residential property in the supply-constrained greater Miami market.”

Rivage is nestled between the Intracoastal Waterway and 200 feet of uninterrupted oceanfront, immersing residents in Miami Beach’s breathtaking natural beauty. Comprising just 56 sky villas, the boutique condominium features world-class designs by the award-winning architects Skidmore, Owings & Merrill (SOM) and interior design firm Rottet Studio. Each residence reflects organic influences, with open-concept layouts that flow seamlessly into expansive living areas and oversized terraces with unobstructed views of the Atlantic Ocean and Biscayne Bay. Designed to provide a single-family home experience, the residences range from 3,300 to nearly 13,000 square feet and include both in-unit elevator access and private parking garages. Sales and marketing for Rivage Bal Harbour is exclusively overseen by Douglas Elliman Development Marketing (DEDM).

A focus on wellness connects the more than 25,000 square feet of on-site amenities, including a state-of-the-art fitness pavilion with panoramic views; a hammam spa complete with hot/cold plunge pools and private treatment rooms; and pickle and paddle ball courts surrounded by lush landscapes designed by Swiss design firm Enea Landscape. Residents and guests can also unwind with relaxed options, from private, chef-driven food and a cocktail lounge to a VR game simulator and a kids' playroom. Resort-style services, including a 24/7 residential butler and dedicated lifestyle concierge, round out the package and ensure all residents’ needs are met.

“Rivage Bal Harbour is destined to become a landmark in luxury, a place where exceptional design and prime location meet,” said Taylor Collins, Managing Partner at Two Roads. “With this development, we’re raising the bar for what high-end living can be in South Florida, and we’re looking forward to delivering a property that residents will cherish and celebrate.”

“This relationship represents not just a financial backing, but a shared commitment to creating a residential experience that exceeds even the highest standards,” says Adi Chugh, Founder and CEO of TYKO Capital. “It’s a pleasure to join such an exceptional project team. We’re excited to bring this once-in-a-lifetime development to life and to witness how it will elevate Bal Harbour to even greater prestige.”

The Village of Bal Harbour has been an enclave for the elite since its establishment in 1929. Located between iconic South Beach and Sunny Isles, the waterfront community has long been a favorite for snowbirds, offering easy access to the world-famous Bal Harbour Shops as well as the very best of South Florida.