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 a planned condominium buyout in North Miami. The legal action was filed in New York County Court and centers on the financing for the $61 million acquisition of the Mariners Bay condo building at 12000 North Bayshore Drive.
The Mariners Bay property currently consists of a four-story, 46-unit condo building. Plans call for its demolition and replacement with a 20-story, 267-unit condominium tower.
According to the complaint, Continuum engaged CW Investment Advisers through a national mortgage brokerage firm last year to arrange project financing. However, CW alleges that on the day scheduled for closing this summer, Continuum decided not to proceed with previously agreed-upon project milestones and withdrew from the deal.
The dispute involves a term sheet signed by both parties. CW claims that under this agreement, Continuum was obligated to cover expenses related to negotiating, underwriting, and syndicating the proposed loan. Additionally, CW asserts that Continuum agreed to pay a one percent break-up fee if the transaction did not close.
“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,” according to allegations in the lawsuit.
Eichner, who serves as chairman and CEO of Continuum, declined comment on ongoing litigation but rejected the allegations: “We will vigorously defend ourselves against these spurious charges.”
Records indicate an affiliate of Continuum had entered into an agreement to acquire units at Mariners Bay but has yet to finalize the purchase. Condo buyouts such as this are often subject to delays and can be difficult to complete.
The term sheet specified a purchase price exceeding $61 million with loan terms based on several conditions: either up to $51 million; no more than 61 percent loan-to-cost ratio using an approved predevelopment budget; or up to 75 percent based on property appraisal.
CW reports incurring costs totaling more than $820,000 for items including flood risk assessments, insurance consulting services, payment of outstanding judgments and liens. The firm also identified complications such as city-imposed obligations and a zoning appeal by a neighboring property owner that contributed additional complexity and cost.
CW states it received only $325,000 from Continuum as deposits—leaving nearly $500,000 in unpaid expenses—and seeks damages of no less than $510,000 through its breach-of-contract claim.
Continuum’s South Florida portfolio includes about 1,000 condo units valued at roughly $3 billion across projects in North Bay Village and Bay Harbor Islands. In August 2025, it secured a $67 million construction loan from S3 Capital Partners for La Baia North—the second phase of its Bay Harbor Islands development (https://therealdeal.com/miami/2024/08/23/eichners-continuum-lands-67m-loan-for-bay-harbor-islands-condo-project/). Earlier this summer, Continuum obtained unanimous approval from North Bay Village Commission for plans covering two condo towers (one permitted up to 440 feet tall), a hotel with 200 rooms called “Continuum hotel,” and a marina within what is now called Palm Tree Club (formerly Shuckers Waterfront Bar & Grill) (https://therealdeal.com/miami/2024/07/01/north-bay-village-gives-green-light-to-continuums-waterfront-district-redevelopment-plan/).
