Tides Equities Principals Paid $50 Million in Judgments
Sean Kia and Ryan Andrade satisfied legal debts as their multifamily real estate firm faced a significant portfolio reduction.
Updated on Sept. 28, 2026 in Corporate Finance
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Between July and September 2025, Sean Kia and Ryan Andrade settled $50 million in personal judgments held by Starwood Mortgage Capital. The founders of Tides Equities faced these liabilities as rising interest rates forced the firm to reduce a multifamily portfolio that once peaked at 30,000 units.
Why it matters
The settlements reflect the personal financial risks faced by real estate principals when firm debts trigger personal guaranties. As debt costs climbed, the company shifted from rapid expansion to navigating foreclosures and lawsuits from lenders like Acres Capital and Electra Capital.
Founders satisfied $50 million in personal judgments while facing a $33 million loan default lawsuit from Acres Capital. Additionally, vendors have filed over $500,000 in liens for unpaid labor against the firm's portfolio properties since early 2026.
The players
Sean Kia
He is a co-founder of Tides Equities who recently launched a sports card investment firm called CKK Capital.
Ryan Andrade
He co-founded Tides Equities and oversaw the firm's expansion into multifamily properties across the Sun Belt.
Tides Equities
This real estate investment firm built a significant multifamily portfolio using floating-rate debt before experiencing widespread foreclosures.
Starwood Mortgage Capital
This lender secured $50 million in personal judgments against the founders of Tides Equities.
Acres Capital
This investment firm filed a lawsuit against the principals of Tides Equities for defaulting on a $33 million loan.
The details
Tides Equities utilized floating-rate debt to acquire assets throughout the Sun Belt, but higher rates increased costs and triggered capital calls. Consequently, principals liquidated personal assets, including a $22.3 million Brentwood estate and a $3.6 million Encinitas mansion, to meet obligations.
Timeline
Sean Kia and Ryan Andrade founded Tides Equities in 2016.
The founders satisfied Starwood Mortgage Capital judgments between July and September 2025.
Ryan Andrade sold his Encinitas mansion in June 2026.
Sean Kia launched the CKK Capital investment vehicle on September 21, 2026.
Benefit Street Partners is expected to foreclose on the Westcreek property in October 2026.
Market Landscape
The firm's rapid decline mirrors the broader struggles of real estate syndicators who relied heavily on floating-rate debt to scale during a low-interest-rate environment. The shift highlights how aggressive acquisition strategies can rapidly unwind when macroeconomic conditions turn and interest expenses surge.
While the founders have addressed personal judgments, property-level issues persist, including hundreds of thousands of dollars in unpaid labor liens that may impact vendors and contractors. Investors and partners involved in these multifamily assets face ongoing uncertainty regarding ownership stability and future property management.
The takeaway
Real estate principals often provide personal guaranties on institutional loans, creating significant financial risk if properties underperform. Diversifying investment vehicles, such as moving into sports card trading, represents a shift in strategy for founders managing the fallout from legacy real estate defaults.
What happens next
Benefit Street Partners is scheduled to conduct a foreclosure sale on the Tides on Westcreek property in October 2026.
Further reading
Learn more about debt management in Corporate Finance.
Source note: This article includes information reported by The Real Deal New York.
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