Ian Bruce Eichner’s Continuum Company is facing a lawsuit from CW Investment Advisers, which claims it is owed over $500,000 in fees related to the financing of a planned condo buyout in North Miami. The suit was filed in New York County Court and centers on the Mariners Bay condo building at 12000 North Bayshore Drive.
According to court documents, Continuum had selected CW Investment Advisers to arrange financing for the $61 million buyout of Mariners Bay. The existing four-story, 46-unit building was slated for demolition and replacement with a new 20-story, 267-unit condominium tower.
CW alleges that on the day of the scheduled closing this summer, Continuum unexpectedly refused to proceed with agreed-upon project milestones and withdrew from the deal. The lender asserts that a term sheet signed by both parties required Continuum to cover CW’s expenses for negotiating, underwriting, and syndicating the proposed loan, as well as pay a 1 percent break-up fee if the transaction did not close.
The complaint states: “After abandoning the transaction at the last minute, Continuum refused to honor its obligation to pay CW’s loan expenses or the break-up fee.”
Eichner, chairman and CEO of Continuum, declined to comment on pending litigation but said his firm disputes the allegations. He stated: “We will vigorously defend ourselves against these spurious charges.”
Records show an affiliate of Continuum entered into an agreement to acquire units at Mariners Bay but has not completed the purchase. Buyouts of condominium buildings can often be delayed due to their complexity.
The term sheet specified that financing would be based on a purchase price exceeding $61 million and a loan amount capped by certain ratios tied either to predevelopment budgets or appraised property value.
CW claims its costs totaled more than $820,000—covering items such as flood risk assessments and insurance consulting—and says it only received $325,000 in deposits from Continuum. The lender seeks damages totaling no less than $510,000.
Continuum maintains an active presence in South Florida’s real estate market with a portfolio valued at about $3 billion across 1,000 units. Recent projects include developments in North Bay Village and Bay Harbor Islands. In August, Continuum secured a $67 million construction loan from S3 Capital Partners for La Baia North in Bay Harbor Islands.
Additionally this summer, the North Bay Village Commission unanimously approved plans for Continuum’s Waterfront District project. This development includes two condominium towers—one reaching up to 440 feet—a hotel with 200 rooms called Continuum Hotel, and a marina located on land previously occupied by Shuckers Waterfront Bar & Grill (now known as Palm Tree Club).
