The Real Deal Miami

Nakash family takes out $17M mortgage for Setai units

HSBC Bank granted the loan for nine units at the hotel-condo tower

May 07, 2015 05:00PM
By Sean Stewart-Muniz

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The Setai in Miami Beach

The Setai in Miami Beach

The Nakash family, which purchased the Setai Hotel for $90 million in December, has just taken out a $17 million mortgage on nine units from the building’s condo portion.

Nakash Holdings, Joseph Nakash, Ralph Nakash and several LLCs obtained a mortgage from HSBC Bank for units 2105, 2203, 2205, 2403, 2405, 2607, 2803, 3003 and 2608.

Nakash Holdings is the investment arm of the Jordache Enterprises clothing company. It was founded in 1969 by brothers Ralph, Avi and Joseph Nakash, and enjoyed success as a popular manufacturer of designer jeans in the 1980s.

More recently, the family has made headlines for several high-profile purchases in South Florida, such as the famed Versace Mansion in South Beach for $41.5 million and the Hotel Victor on Ocean Drive.

The Setai was built in the 1930s and then redesigned, along with an adjacent 40-story condo tower, in 2004. Miami-Dade public records show that, prior to the $90 million deal in December, the Nakash family had already owned more than 10 units in the tower.

The family has a prolific track record with real estate investment and owns its own commercial airline, Arkia, among other diverse business ventures.

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