The Real Deal New York

Richard LeFrak gives business partner home loan

Billionaire provides Michael Swerdlow with $1M second mortgage for Coral Gables house

May 23, 2014 04:50PM

Richard LeFrak

Richard LeFrak

From the South Florida site: New York billionaire Richard LeFrak provided a second home mortgage to one of his development partners in Miami-Dade County.

LeFrak gave Michael Swerdlow and his wife Sherie a $1 million loan for their Coral Gables house last month, according to county records. The Swerdlows paid about $1.9 million for the 360 Isla Dorada Boulevard residence in 1997. The couple obtained a $2.2 million refinancing for the waterfront property from Sabadell United Bank in March.

The LeFrak Organization formed a partnership with Swerdlow Group to develop a large mixed-use project on about 180 acres at North Miami’s Biscayne Landing.

LeFrak is also at the helm of the 1 Hotel & Homes South Beach, a repositioning of the former Gansevoort Hotel in Miami Beach. — Eric Kalis

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