Breakers Restaurant LLC, a Port Charlotte company managed by Abraham Al Arnasi, defaulted on a $1.4 million loan from First American Bank.
Breakers Restaurant borrowed the money in December 2009 to refinance loans against its 8,450-square-foot restaurant at 23241 Bayshore Road in Charlotte Harbor.
Breakers Restaurant paid $869,700 for the restaurant in February 2002 and added a 1,672-square-foot open bar and a 393-square-foot Tiki Bar in 2009.
Last year, Al Arnasi filed for bankruptcy protection on behalf of the Coral Rock Cafe and Sport City Bar, listing $799,037 in assets and $1.08 million in debts.
Al Arnasi’s principal asset in that case is an 11,000-square-foot commercial building at 4560 Tamiami Trail in Port Charlotte that Al Arnasi erected in 1989 and is estimated to be worth $731,624.
Last modified: October 16, 2013
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