The Real Deal Miami

Owner of South Beach penthouse scores $10M loan

Condo was purchased for $15M two years ago from restaurateur Myles Chefetz

July 23, 2015 04:30PM
By Sean Stewart-Muniz

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The penthouse in South Beach's Ocean House

The penthouse in South Beach’s Ocean House

The owner of a penthouse in South Beach’s Ocean House just mortgaged his unit for $10.14 million.

Marc J. Leder is the managing member of a company titled PH702, which owns the penthouse. He signed off on the financing for the top-floor condo from Bank of America last week.

Mark Leder

Mark Leder

The Ocean House unit features a $400,000 Creston smart home system and is wired for surround sound, custom lighting and automated window shades.

The previous owner, Miami restaurateur Myles Chefetz, paid $5.5 million to demolish the interiors and redesign it from scratch. Most of the floors are white glass, and exotic finishes like zebra wood and rift-cut oak (milled so the wood’s rings are prominently shown) can be found throughout.

It even has its own expansive rooftop deck, complete with an outdoor shower.

Leder, the current owner, paid Chefetz $15 million for the penthouse in 2013. That deal worked out to a staggering $3,592 per square foot. Chefetz first purchased it for $7.2 million when the development opened. He lived in the unit for about eight months before moving into a house.

This isn’t Leder’s first multimillion-dollar mortgage on the property. He had taken out a $9,999,999 loan from Bank of America the same year he bought the penthouse, which he satisfied in February, according to Miami-Dade County property records.

Leder is the co-chief executive of Sun Capital Partners, a leveraged buyout firm based in Boca Raton.