Owner of South Beach penthouse scores $10M loan

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.

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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.