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 proposed $61 million acquisition of the Mariners Bay condo building at 12000 North Bayshore Drive.
The Mariners Bay property consists of a four-story, 46-unit building that Continuum intends to demolish and replace with a new 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.
CW alleges that on the day of the scheduled closing this summer, Continuum unexpectedly decided not to proceed with previously agreed-upon project milestones and withdrew from the deal. The lender claims this violated terms outlined in their agreement, which required Continuum to cover CW’s expenses for negotiating, underwriting, and syndicating the loan. The agreement also included a provision for a 1 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 stated that he disputes CW’s allegations: “We will vigorously defend ourselves against these spurious charges.”
Records indicate an affiliate of Continuum has entered into an agreement to acquire units at Mariners Bay; however, as of now, that purchase has not been finalized. Condo buyouts such as this are often subject to delays and can be difficult to complete.
The term sheet between both parties set out that any loan would be based on a purchase price exceeding $61 million and capped by various loan-to-cost ratios tied either to an approved predevelopment budget or property appraisal. According to CW’s complaint, obligations for expense reimbursement and payment of breakup fees were binding under this arrangement.
CW reports its costs exceeded $820,000—including expenditures for flood risk assessments, insurance consulting services, resolution of outstanding judgments and liens—as well as addressing additional issues like city-imposed requirements and complications from a zoning appeal by neighboring property owners. These factors contributed further delay and cost.
Continuum reportedly provided only $325,000 in deposits toward these expenses. As a result, CW is seeking damages totaling no less than $510,000.
Continuum maintains an extensive South Florida portfolio valued at about $3 billion across roughly 1,000 condo units. Its current projects include developments in North Bay Village and Bay Harbor Islands. In August 2025,Continuum secured a $67 million construction loan from S3 Capital Partners for La Baia North—the second phase of its Bay Harbor Islands development—which specializes in middle-market construction loans and bridge loans.
Earlier this summer,the North Bay Village Commission unanimously approved plans for what will become known as the Continuum Waterfront District—a mixed-use area featuring two condominium towers (one up to 440 feet tall), a hotel with approximately 200 rooms called Continuum Hotel, plus marina facilities. This site includes what was formerly Shuckers Waterfront Bar & Grill—now renamed Palm Tree Club.
