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Bippy And Jacqueline Siegal Purchase Three Condos At Seaway Surf Club For $23.01M

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SOLD
$23,010,000

Florida

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Condo
Sold 01/24/2025
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SOLD

Bippy And Jacqueline Siegal Purchase Three Condos At Seaway Surf Club For $23.01M

9149 Collins Avenue

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Condo
Sold 01/24/2025
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Summary

FLORIDA
Asset Type:Condo
Transaction Type:Sale

Three condos located at 9149 Collins Avenue, Unit 402, 403 & 405, in the Surfside market were sold for $23,010,000. The total size of the units is 7,275 square feet. The condos, purchased in a transaction that includes access to amenities at the neighboring Four Seasons Residences, were sold by SCR Residences LLC.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $23,010,000
  • Buyer: Jacqueline Siegal; Bippy Siegal - Modern Bank - Raycliff Capital
  • Seller: Nadim Ashi - Fort Partners
  • Lender: Amerant Mortgage
  • Financing Amount: $14,000,000

Bippy and Jacqueline Siegal acquired the condos through a financing arrangement provided by Amerant Mortgage. The transaction was facilitated by the involved parties, indicating a collaborative effort in securing the deal between the buyers and the seller.

Players

LENDER

Details

SOLD
IMAGE: Bippy Siegal & Nadim Ashi DATE: 01/24/2025 ADDRESS: 9149 Collins Avenue Unit 402, 403 & 405 MARKET: Surfside ASSET TYPE: Condo BUYER: Jacqueline Siegal; Bippy Siegal - Modern Bank - Raycliff Capital SELLER: Nadim Ashi - Fort Partners LENDER: Amerant Mortgage (@AmerantBank) SALE PRICE: $23,010,000 NOTE: Bippy and Jacqueline Siegal purchased three condos in the Seaway at the Surf Club in Surfside for $23.01 million, with financing provided by Amerant Mortgage for $14 million. The units, totaling 7,275 square feet, were sold by SCR Residences LLC and include access to amenities at the neighboring Four Seasons Residences.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,227,199.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$81,749.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,079.14
Annual Debt Service$1,308,949.67