Continuum JV Lands $350M for Miami Mixed-Use Towers
When completed, the projects will total more than 500 units.
Real estate developer Continuum Co. has secured $350 million for Continuum Waterfront District, a four-acre, master-planned mixed-use development along Biscayne Bay in North Bay Village, Fla. The suburban Miami property is being developed in partnership with Aksoy Holdings.
The loan, provided by S3 Capital, includes $261 million in construction financing for Phase One, the western portion of the site. Also part of the package is an additional $83 million in pre-development financing for Phase Two, the eastern portion of the site.
Continuum Waterfront District will be anchored by two gated residential towers the first Continuum hotel and a 20-slip commercially zoned marina. The master plan also calls for waterfront dining, office space and the “Island Walk,” a public green space and bayfront promenade.
The first phase, called Continuum Club & Residences West, has been under construction for the last year. It will be a 36-story waterfront condo tower featuring 236 residences, a waterfront restaurant and marina access. Amenities will include two swimming pools and a Jacuzzi plunge with views of the Biscayne Bay. The tower is slated for completion in July 2028.
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Phase 2 of the development, a 300-unit tower called Continuum Club & Residences East, is targeted for completion in 2030. This stage of the development will also deliver the Continuum hotel, a member of Preferred Hotels & Resorts, as well as expanded dining and retail, a commercially zoned 20-slip marina and the “Island Walk.”
The Continuum Waterfront District builds on Continuum Co.’s previous developments, including Continuum South Beach, and reflects long-term investment in North Bay Village, notes the company. The village, long known for its restaurants and nightclubs, has been a focus for condo development in recent decades.
Lenders eager to finance Miami condos
Greater Miami is still a popular place among lenders looking for a piece of the condo action. Late in April, Related Group and BH Group secured a $360 million construction loan for Icon Beach Waterfront Residences, a 350-unit condo project in Hollywood, Fla. Tyko Capital provided the loan.
Also in April, 13th Floor Investments and Midtown Equities secured $105 million in financing for the development of Casa Cipriani, a condo-hotel project in Miami Beach. BH3 Management provided the funds, which increased an existing loan by $55.5 million.
In March, developer 280 E. Palmetto Park Road obtained a $70 million construction loan for Glass House Boca Raton, a 28-unit condominium development in the South Florida city of the same name. Maxim Capital provided the financing.
