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.
Honors & Awards
- Holds the AV® Peer Review Rating from Martindale-Hubbell, its highest rating for ethics and legal ability
- Named "Dealmaker of the Year" by ALM Miami Daily Business Review, 2014
Acquisitions and Dispositions
- 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 trust investor purchaser in $12 million acquisition of condominium development property in Palm Beach County, Florida.
- 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 purchaser group in $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 in which are 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 $47 million assemblage and acquisition of one city block located on Biscayne Bay in Miami.
- 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 the seller in an $85 million sale of two large hospitals to a health care organization.
- Represented a well-known national real estate development client in its sale of two landmark New York buildings.
- 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 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.
- Represented a national lender in $500 million aggregate portfolio of real estate secured loans in a three year period.
- Represented a European portfolio lender in the United States portion of a $1.1 billion refinance package involving three landmark hotels.
- Represented a national hedge fund in $30 million loan portfolio in Mississippi.
- 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 European merchant bank in the United States portion of $1.1 billion refinance of three landmark hotels in London and New York City.
- Represented a major national bank as tenant in the ground leases on over 300 build to suit development sites.
- 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 an association in the amendment and restatement of governing documents for a $500 million luxury property located in Bal Harbour, Florida, which included creation of new commercial condominium within the property and creation of new resident owner paradigm for hotel/residential condominium projects.
- Represented a developer of a major waterfront mixed use project in its preparation of master development documents.
- 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.
- Represented a multi-national marketing company in the negotiation and consummation of an agreement provided for marketing and sales of resort condominiums in eight countries.
Workouts and Distressed Properties
- Represented an investment group in an acquisition out of bankruptcy of control of a $20 million common element asset and the subsequent restructuring of the governing documents for that asset.
- "What businesses need to know about climate risk and resilience," Miami Herald, June 21, 2019
- July 25, 2019
- April 9, 2019
- Third Annual Hinshaw Sea Level Rise & Climate Change Conference: Digging for Sea Level Rise SolutionsApril 1, 2019The Economic Effects of Sea Level Rise on Corporate Decision Making in South Florida
- Hinshaw and Florida International University Successfully Conclude Second Annual Climate Change and Sea Level Rise ConferenceApril 24, 2018
- Second Annual Hinshaw/FIU Climate Change Conference to Focus on Economic Impacts to Insurance, Lending and Real Estate IndustriesMarch 27, 2018Full Day Conference to be Held April 11, 2018 at Four Seasons Hotel Miami
- Hinshaw Attorneys Represent OKO Group in $54 Million Bayfront Land Purchase Adjacent to Missoni Baia in Miami's Edgewater AreaNovember 23, 2016
- October 9, 2014
- January 30, 2014