In November alone, there have been at least 5 actions taken by lenders to go after Tides’ principals Sean Kia & Ryan Andrade personally, according to New York court records reviewed by The Promote. Three of them were taken by Starwood. The lender, which took over Tides on Trinity in a $76M credit bid last month, alleges that Kia & Andrade must cough up at least $7.2M as per their Carry Guaranty. Starwood is alleging a similar situation @ Tides on Chadwick, which it took it over in a $45M credit bid, and alleges that the lads are on the hook for at least $5.4M. And at Tides on 44th in Phoenix, which Starwood took over in a $26M credit bid last month, it says that the Tides principals are on the hook for $5.7M from the Carry Guaranty, on top of a Recourse Guaranty and $800K from an Equity Funding Guaranty
Follows similar actions taken by Rialto and Acres (which has been shared here). Seems like lenders smell blood and are rushing to get theirs.
Full story over at The Promote: Founder Mode: Starwood Comes at Tides’ Principals
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