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 legal complaint was filed in New York County Court and centers on the $61 million buyout of the Mariners Bay condominium at 12000 North Bayshore Drive.
The Mariners Bay property, a four-story building with 46 units, was set to be demolished and replaced by a new 20-story, 267-unit condominium tower. According to the lawsuit, Continuum engaged CW Investment Advisers through a national mortgage brokerage firm last year to secure financing for the project.
CW alleges that on the morning of the proposed closing this summer, Continuum abruptly changed its position and refused to meet previously agreed-upon project milestones. As stated in the complaint: “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.”
The term sheet signed between CW and Continuum outlined that Continuum would cover CW’s costs for negotiating, underwriting, and syndicating the loan. It also included an agreement for a one percent break-up fee if the deal did not proceed. CW is suing for breach of contract.
Eichner, who serves as chairman and CEO of Continuum, declined to comment on ongoing litigation but disputed CW’s allegations. He said his firm will “vigorously defend ourselves against these spurious charges.”
Records indicate that an affiliate of Continuum has entered into an agreement to acquire units at Mariners Bay; however, this purchase has not yet been finalized. Condo buyouts are known for being complex and subject to delays.
The term sheet reportedly based its figures on a purchase price exceeding $61 million and allowed for a loan amount determined by several criteria: either up to $51 million or amounts tied to specific loan-to-cost ratios depending on predevelopment budgets or appraisals.
CW claims its total costs surpassed $820,000 due in part to required reports such as flood risk assessments and insurance consulting. The firm also cites additional complications uncovered during due diligence—including obligations imposed by North Miami officials and a zoning appeal from neighboring property owners—that increased both cost and complexity.
According to court filings, only $325,000 was received from Continuum as deposits; thus nearly $500,000 remains unpaid. The lender seeks damages totaling no less than $510,000.
Continuum maintains an extensive portfolio in South Florida valued at approximately $3 billion with about 1,000 condo units across planned developments in areas such as 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—part of its Bay Harbor Islands project—demonstrating ongoing activity despite legal disputes (https://therealdeal.com/miami/2024/08/01/eichners-continuum-lands-67m-loan-for-bay-harbor-islands-condo-project/).
Earlier this summer, Continuum also received unanimous approval from local authorities for plans related to its Waterfront District development in North Bay Village—a mixed-use area expected to feature two condominium towers (one reaching up to 440 feet), a hotel with 200 rooms called “Continuum,” and a marina located on land formerly occupied by Shuckers Waterfront Bar & Grill (now renamed Palm Tree Club) (https://therealdeal.com/miami/2024/06/14/north-bay-village-gives-green-light-to-eichners-continuum-waterfront-district-towers-hotel-marina/).
