Owner of South Beach penthouse scores $10M loan

Miami /
Jul.July 23, 2015 04:30 PM

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.

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.


Related Articles

arrow_forward_ios
Photo of the new Aston Martin DBX and the Aston Martin Residences (Aston Martin)

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo
(Google Maps)

Weekly condo sales, dollar volume jump in Miami-Dade

Weekly condo sales, dollar volume jump in Miami-Dade
(Google Maps)

Condo sales fell in Miami-Dade last week

Condo sales fell in Miami-Dade last week
South Florida’s residential markets bounced back in the third quarter

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County
Map of weekly condo sales and Solimar Condo (Credit: Google Maps)

Weekly condo sales dip in first week of November

Weekly condo sales dip in first week of November
3573 South Ocean Boulevard, Highland Beach (Google Maps)

Software telecom company founder sells waterfront Highland Beach mansion for $8M

Software telecom company founder sells waterfront Highland Beach mansion for $8M
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Weekly condo sales jump in Miami-Dade

Weekly condo sales jump in Miami-Dade

Weekly condo sales jump in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...