South Beach’s National hotel in special servicing

South Beach’s National Hotel was placed in special servicing with C-III Asset Management, the South Florida Business Journal reported. The decision regards a $28.9 million mortgage on the property, which is located at 1677 Collins Avenue. The 151-unit property began renovations in 2010. According to data from Trepp, operating income at the hotel covered 65 percent of the payments due on its mortgage loan. [SFBJ]