Continuum Ups Construction Loan to $90M for Bay Harbor Islands Condo
Fortress increased existing loan by $41M
By Julia Echikson February 9, 2024 1:47 pm
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Continuum Company secured a total of $90.1 million in construction financing from Fortress Credit Corporation to complete La Baia South, the first phase of the La Baia condo complex in Bay Harbor Islands, Fla., property records show.
The eight-story waterfront development will house 68 units at 9201 East Bay Harbor Drive. Construction at the sold-out development has been underway since April 2022, and is scheduled to be completed in 2025. The second phase of the project, called La Baia North, has yet to break ground.
Fortress Credit Corporation, a division of Fortress Investment Group, initially loaned $49 million for the first phase in 2021, according to mortgage documents. Last month, the New York-based lender raised the principal amount by $41.1 million, bringing the financing’s total to $90.1 million.
Continuum, led by Ian Bruce Eichner, bought the 1-acre site for $17.5 million in 2021.
At La Baia North, half of units have already been pre-sold, according to a Continuum representative. Last month, Miami Beach-based debt fund Benmark Capital provided $13 million for the project. Construction is expected to start next year, with completion slated for 2027.
Continuum’s other South Florida developments include a 31-story condo tower in North Bay Village. In 2002, the developer completed a namesake, 42-story oceanfront condo building in Miami Beach’s South-of-Fifth neighborhood.
Julia Echikson can be reached at jechikson@commercialobserver.com.
