Steven Cronig | Attorney | Hinshaw & Culbertson LLP

Steven Carlyle Cronig

Partner

305-428-5122

Email c2NjQGhpbnNoYXdsYXcuY29t

Steven Carlyle Cronig

Partner

305-428-5122

Email c2NjQGhpbnNoYXdsYXcuY29t

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About Steve

With more than four decades of experience, Steve represents developers and international investors on matters involving acquisitions and dispositions of property; creation of development entities such as joint ventures, limited partnerships, representation of family offices; preparation of condominium and fractional/timeshare declarations and disclosure documents, plats, subdivision covenants, and homeowners' association documents and commercial leas. He represents borrowers in closing construction and commercial loans, preparation of construction contracts, lien administration, and closing sales to development end purchasers.

Steve co-chaired the firm's annual Sea Level Rise and Climate Change Conference from 2017 to 2020.

Areas of Focus

Industries:

- Construction;
- Real Estate

Services:

Experience

Represented purchaser group in the $13.4 million purchase of the One Bal Harbour development, consisting of five oceanfront acres in Bal Harbour, Florida, together with the $1 billion structure located 185 privately owned luxury condominium units and 124 privately owned luxury hotel condominium units; subsequent redrafting of property governing documents to create a commercial condominium consisting of the hotel facilities at the property, as well as the sale of the commercial condominium to a hotel investment group for $12 million. Resulted in a net acquisition cost of $1.4 million for Hinshaw's client.
Represented an international real estate development group in a $54 million purchase of a 2.5-acre monastery property located on Biscayne Bay, including $31.5 million in institutional funding.
Represented developer in amendment and restatement of governing documents, including creation of a new commercial condominium regime and development of a new resident owner paradigm for hotel/residential condominium projects. The property was acquired for $15 million, and subject to the new documents, was valued at $5 billion.
Represented buyer in $60 million acquisition and sale of New York City property for non-US investor.
Represented a Canadian developer in acquiring and developing two South Florida properties worth $27 million. Also prepared condominium development documents and representation in end sale program sellout projected at $215 million.

Represented a seller in the sale of a portfolio of 57 properties located in Miami at the aggregated sales price of $43.5 million.
Created a condominium lending program for Miami community banks and closings of loans to condominium associations.
Represented a $500 million multi-use property owner in defense of litigation brought by the constituent condominium association and subsequent revision of master governing documents.
Represented a Miami-based private lender in acquiring over $100 million of distressed real estate secured loans from 2020 to 2023.
Represented multiple Swiss trust companies and family offices in real estate and corporate matters valued in excess of $500 million.
Represented a Miami-based borrower in the closing of a $50 million warehouse credit facility.
Represented a private lender in the extension of a mortgage-secured loan package in excess of $25 million.
Represented a Houston-based property owner in the sale of a $22 million block of condominium units.
Represented a non-US-based property owner in a $21.5 million Miami apartment complex.
Represented a purchaser in the acquisition of an $18 million condominium unit in New York City and subsequent corporate restructuring.
Represented a software consultant in the $1 million sale of healthcare consulting software and associated acquisition and restructuring of corporate stock.
Represented a purchaser in a $45 million purchase of real estate secured debt interests encumbering a Miami Beach hotel property.
Represented borrower parent companies in a $182.5 million construction loan for a new condominium development in Miami, Florida.
Represented a national developer in a $135 million shopping center acquisition in Central Florida.
Represented a national hotel investor in an $80 million convention center hotel in Pittsburgh, Pennsylvania
Represented an investor in a construction/design defects case, resulting in an $11 million recovery.
Represented a borrower in a $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 a $47 million assemblage and acquisition of one city block located on Biscayne Bay in Miami.
Represented the seller in an $85 million sale of two large hospitals to a health care organization.
Represented a national real estate development client in its sale of two landmark New York buildings.
Represented a major domestic developer in an acquisition of an out parcel leased to a commercial bank involving issues on access, maintenance, and usage restrictions with adjoining shopping center parcel and drafting the necessary agreement and negotiating revisions with the shopping center parcel owner and its lender.
Represented a major multi-national developer in the acquisition of a $21.5 million major downtown Miami development parcel out of bankruptcy, where the entire transaction was effected within a ten-day period from inception to closing and subsequent development of that property.
Represented a major multi-national developer in the acquisition of a $44 million seven-parcel waterfront assemblage and subsequent development of the property.
Over a three-year period, represented a national lender in a $500 million aggregate portfolio of real estate-secured loans.
Represented a national hedge fund in a $30 million loan portfolio in Mississippi.
Represented a Pennsylvania-based lender in a $300 million aggregate portfolio of real estate-secured loans and equity positions extended during a two-year period.
Represented a European merchant bank in the United States portion of the $1.1 billion refinance of three landmark hotels in London and New York City.
Represented a large Miami fund that purchased a $45 million mortgage loan encumbering a Miami Beach landmark art deco hotel. Part of the purchase was financed by a major New York hedge fund's $34 million note-on-note loan, resulting in a $79 million consolidated transaction.
Represented a developer in the $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 an international real estate development group in the $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 the condominium regime.
Represented a major multi-national developer in the acquisition of a $21.5 million major downtown Miami development parcel out of bankruptcy, where the entire transaction was effected within a ten-day period from inception to closing and subsequent development of that property.
Created condominium lending program for Miami community bank and closings of loans to condominium associations.
Representation of collateral lender in $34 million restructuring of real estate secured debt interests encumbering Miami Beach hotel property.
Prepared the condominium prospectus and declaration on behalf of Hinshaw client. The client acquired and demolished an apartment building and has begun development of a new condominium building.
Assisted client in acquiring property consisting of an 11 unit cooperative. The client acquired the property, terminated the cooperative, and is developing the property into a new condominium.

Recognition

The Best Lawyers in America®, Real Estate Law, 2023 – 2026
Attorney Intel, Top 25 Real Estate and Hospitality Attorneys, 2025
Martindale-Hubbell, AV® Peer Review Rating
ALM Miami Daily Business Review, Dealmaker of the Year, 2014

Credentials

Education

Boston University School of Law, LLM, 1983
University of Miami School of Law, JD, 1980
University of Vermont, BA, 1977

Bar Admissions

Florida
Massachusetts
New York

Thought Leadership

Publications

"What South Florida Condo Boards Need to Know About the Amendments to the Florida Condominium Statute," ALM Daily Business Review, June 27, 2023
"Carillon v. Z Capital is Worse Than You Think," ALM Daily Business Review, March 23, 2023
"Borrowing Money to Comply with Amendments to the Florida Condominium Statute," ALM Daily Business Review, October 26, 2022

Events

In The News

Press Releases

View all of Steve's Insights

Thought Leadership

Publications

"What South Florida Condo Boards Need to Know About the Amendments to the Florida Condominium Statute," ALM Daily Business Review, June 27, 2023
"Carillon v. Z Capital is Worse Than You Think," ALM Daily Business Review, March 23, 2023
"Borrowing Money to Comply with Amendments to the Florida Condominium Statute," ALM Daily Business Review, October 26, 2022