For nearly four decades, Steven Carlyle Cronig has represented developers, borrowers and commercial and private lenders in a variety of commercial real estate development transactions. His practice also includes advising individuals and businesses on the effects of climate change and rising sea levels on real estate development and lending.
Mr. Cronig works with developers on matters involving: acquisitions and dispositions of property; creation of development entities such as joint ventures, limited partnerships and REITs; preparation of plats, subdivision covenants, homeowners’ association documents, condominium and fractional/timeshare declarations and prospectuses.
He also represents borrowers in closing construction and commercial loans; preparation of construction contracts; lien administration and closing sales to end purchasers. In addition, Mr. Cronig advises commercial and private lenders in connection with the structuring of new asset-secured loans, construction financing, mezzanine financing, the purchase of existing portfolio assets from other lenders, and participation agreements among consortia of lenders.
He also advises on the administration of lender portfolio assets, including: negotiation and preparation of initial loan commitment letters, the review of title on behalf of lenders, the preparation of loan documentation and the closing of loan transactions, lender due diligence activities, construction loan administration and loan workout and disposition activities.
Mr. Cronig has been Board Certified in Real Estate Law by the Florida Bar since 1990. Prior to joining Hinshaw, he was a partner at a Miami-based firm. Mr. Cronig has co-chaired the firm’s 2017 Climate Change Conference with the University of Miami, as well as the 2018 Sea Level Rise Conference with Florida International University.
He has also acted as trustee for a class action in which the class members received 125 percent of their original investments and was involved in the transformation of the South Beach Art Deco district in the 1980s.
Representative Matters :
- Represented a borrower in $125 million refinancing of commercial development property in Austin, Texas and additional collateral property in Edmonton, Alberta.
- Represented an international real estate development group in $54 million purchase of 2.5 acre monastery property located on Biscayne Bay in the Edgewater Section of Miami from an order of the Catholic Church, including $31.5 million institutional funding.
- Represented an international real estate development group in $48 million acquisition of all units in a 1970s era condominium located on 2.5 acres of property located on Biscayne Bay immediately north of the Rickenbacker Causeway in Miami and subsequent termination of condominium regime.
- Represented a developer in $115 million acquisition and financing of the former Trump International Hotel and Tower in Fort Lauderdale. The financing component included a $120 million construction loan.
- Represented a Florida developer in the acquisition, financing, conversion and sale of 10,000 apartment units in three states.
- Represented a major domestic developer in an acquisition of outparcel leased to commercial bank involving issues on access, maintenance and usage restrictions with adjoining shopping center parcel and drafting necessary agreement and negotiating revisions with shopping center parcel owner and its lender.
- Represented a European portfolio lender in the United States portion of a $1.1 billion refinance package involving three landmark hotels.
- Represented a Pennsylvania-based lender in $300 million aggregate portfolio of real estate secured loans and equity positions extended during a two year period.
- Represented a developer of newly constructed Coral Gables high-rise office tower in the creation and implementation of a LEED-compliant master lease program and subsequent tenant leases.
- Represented a major national bank in preparation of master development program documents which created co-development standards and practices for its expansion of more than 300 branch banks across the US using third party contractors.
- LL.M., Taxation, Boston University School of Law, 1983
- J.D., University of Miami School of Law, 1980
- B.A., University of Vermont, 1977
Admissions : Florida, Massachusetts, New York
Rate : $$$