Trust pays $7.4M for Continuum corner unit

Transaction marks first resale of unit

Aug.August 26, 2015 11:15 AM

A land trust just paid $7.4 million for a unit in the north tower in Miami Beach’s Continuum condo complex.

Unit 2401, which sits on the northeast corner of the building, was sold to a trust managed by South Florida lawyer Mark F. Grant, who specializes in real estate acquisitions and development.

The trust financed the deal with a $5 million loan from Wells Fargo Bank, according to Miami Dade County property records.

This is the first resale of the 2,872-square-foot unit. A company named Fuxya bought the unit directly from the developer in 2008 for $3.13 million. Seven years later, the owner — managed by a Panamanian corporation titled Dunedin Assets — has more than doubled the original investment.

Julian Johnston of Calibre International Realty brokered the deal, Johnston said. The unit spans 2,874 square feet, three bedrooms, four bathrooms, one half-bathroom and a den. It also features terraces, high ceilings, and floor-to-ceiling windows and glass doors, he told TRD.

It was first put up for sale in July 2014 for $9.5 million. Listing agent Corrado Colini of Douglas Elliman wrote that the three-bedroom, four-and-a-half bathroom unit has designer finishes and “views dominating the Miami Beach coastline.”

Units in the 37-story north tower are hot commodities in the Miami Beach market, often attracting high-profile prices and well-known buyers. Last month,unit 2405 next door sold for $7.34 million, and the founders of the Rubin Museum of Art in New York purchased a unit in the building for $9.6 million.

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