Continuum JV Lands $344M For 2-Tower Miami Project
Developer Continuum Co. said its joint venture has secured $344 million in construction and predevelopment loans to pursue a two-tower project on Biscayne Bay that could construct more than 500 condo units in two phases.
Continuum announced the financing for the project it’s developing with Aksoy Holding in a Thursday news release. S3 Capital provided the financing, including a $261 million construction loan for phase one and $83 million for predevelopment financing of phase two.
Phase one of the project, which is under construction, would involve building a 36-story tower with 236 residences, a private gated entrance and a waterfront restaurant and marina. Continuum said the initial phase is 50% sold and is expected to be completed in July 2028.
The second phase would bring another 300 luxury condos in another tower, with completion expected in 2030. Plans also call for a hotel and a commercially zoned marina, among other amenities.
“This financing represents a pivotal step forward, not just for our project but for North Bay Village as a whole. We have moved into full-scale construction and our project will transform how people experience Biscayne Bay,” said Ian Bruce Eichner, chairman and CEO of Continuum Co. “Similar to the Continuum on South Beach, our vision is to create a gated community that brings together branded residences, hospitality and rare waterfront access, transforming an underused edge of the bay into an active destination for residents, tourists, and locals alike.”
Continuum, based in both New York and Miami, said it has developed more than $7 billion worth of projects spanning 14 million square feet.
S3 did not immediately respond to messages seeking comment Friday.
The Continuum joint venture was represented in-house by David Fischman and by Matt Schneid and Drew Barone of Cole Schotz PC.
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