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.