Jordache founders default on South Beach Breakwater hotel’s $28M loan, debt in special servicing
The Nakash family’s woes at its Breakwater hotel in South Beach continue, this time because of a loan default. The debt on the 100-key hotel at 940 and 960 Ocean Drive in Miami Beach entered special servicing after the Nakashes failed to pay off the loan at its maturity last month, marking the third time the financing is in special servicing, according to Morningstar Credit. The owners, through an affiliate, took out the $31.3 million loan in 2014 as a refinancing, with the debt’s balance now at $28.2 million. The Nakash family –– led by brothers Joe, Ralph and Avi […]This article originally appeared on The Real Deal. Click here to read the full story.
Recent Posts
PMG, partners launch Palm Tree-branded Miami condo project
Which Miami-Dade office buildings are setting records? We mapped them
South Florida’s top deals: McDonald’s franchisee sells Palm Beach estate for $37M
Florida too hot to handle? Think again
Survey: First-time buyers remain optimistic despite affordability hurdles
Rising condo sales signal opportunity as Florida market stabilizes
Industrial and dev sites drive South Florida i-sales boom, but party’s over for multifamily
Golden Beach broker lands $48M verdict in six-year fight over stiffed commission
Rockstar Energy billionaire finds new buyer for waterfront North Bay Road home
“Perception becomes reality”: Miami-Dade office rents enter new era at over $200 psf
