The Eichner family’s Continuum Company secured a $67 million construction loan for the second phase of its Bay Harbor Islands condo project.
New York and Miami-based Continuum received the financing for La Baia North from S3 Capital Partners, a New York-based alternative lender that provides middle-market construction and bridge loans. The eight-story, 57-unit luxury condominium building at 9481 East Bay Harbor Drive is 75 percent presold and is under construction, according to a release.
The building is expected to be completed at the beginning of 2027, according to the release. A Berkadia team led by Scott Wadler and Michael Basinski arranged the financing.
La Baia South, the first phase, is expected to receive its temporary certificate of occupancy later this year and is sold out, the release states. Continuum financed construction of the 68-unit, eight-story building at 9201 East Bay Harbor Drive with a $90 million loan from a Fortress Investment Group affiliate in early 2024, records show.
Units at La Baia North will range from two to four bedrooms, and from 1,400 square feet to 2,100 square feet. Prices start at $1.4 million, according to the release. The building will also have more than 20,000 square feet of amenities, including a rooftop deck, study pods and a private marina with boat slips.
Benmark Capital provided Continuum with a $13 million loan early last year for the La Baia North project, and provided another $3.3 million in March of this year, for a total of $13.6 million, records show.
The north building is about two streets north of La Baia South.
The two developments are part of a wave of new condo projects in Bay Harbor Islands. Other projects include VDA Origin Miami, a 27-unit Artefacto-branded development that recently secured a $30.5 million loan, also from S3 Capital.
Continuum, led by Chairman and CEO Ian Bruce Eichner and his daughter, Florida President Alexandra Eichner, has a $3 billion, 1,000-unit condo portfolio that includes planned projects in North Bay Village and North Miami. This summer, the development firm secured unanimous approval from the North Bay Village Commission for a special area plan, site plan and development agreement for the Continuum Waterfront District. The district is planned to have two Continuum condo towers, a 200-key Continuum hotel and a marina. One tower can now be up to 440 feet tall. The site includes the former Shuckers Waterfront Bar & Grill, now called the Palm Tree Club.
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