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 of the $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 tower. According to the complaint, Continuum engaged CW Investment Advisers through a national mortgage brokerage firm last year to arrange financing for the project.
CW alleges that on the day scheduled for closing this summer, Continuum withdrew from meeting previously agreed-upon project milestones and ultimately abandoned the deal. The lender claims that under a signed term sheet, Continuum had agreed to cover expenses incurred by CW during negotiation, underwriting, and syndication of the proposed loan. Additionally, CW asserts that Continuum committed to paying a one percent break-up fee if the transaction did not proceed.
“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 to comment on ongoing litigation but disputed CW’s claims. He stated that his company would “vigorously defend ourselves against these spurious charges.”
Records indicate an affiliate of Continuum entered into an agreement to acquire units at Mariners Bay; however, the purchase has not yet been finalized. Delays are common in condo buyouts due to their complexity.
The term sheet outlined a purchase price exceeding $61 million with loan terms based on several conditions: either up to $51 million or amounts determined by specific loan-to-cost ratios dependent on budget approval or property appraisal.
CW states its costs totaled more than $820,000 for items such as flood risk assessments and insurance consulting. It also cites additional complications discovered during due diligence—including city-imposed obligations and a zoning appeal from a neighboring property owner—that increased both costs and delays. Of those expenses, only $325,000 was received from Continuum as deposits; nearly $500,000 remains unpaid according to CW’s claim for damages totaling no less than $510,000.
Continuum maintains an active development portfolio valued at about $3 billion across South Florida with projects planned 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 project—demonstrating continued activity despite legal disputes regarding other developments. This summer also saw unanimous approval by local authorities for plans related to its proposed Waterfront District in North Bay Village.
