Michael Cromer represents lenders in commercial real estate finance transactions across the investment life cycle.
Michael combines extensive experience and pragmatism to guide private equity funds, bulge bracket banks, and other institutional investors on commercial real estate transactions across all asset classes involving:
Mortgage Loans, including construction loans, bridge loans and permanent financings (including single asset single borrower (SASB) transactions)
Mezzanine loans
Preferred equity
Loan origination and purchase
Sale and other disposition of senior and subordinate debt
Servicing and workout of distressed debt
Intercreditor and co-lending arrangements
Note-on-note back leverage facilities
He prioritizes giving back to the community, including pro bono work through the NYC Business Solutions Center and involvement with the Alzheimer’s Drug Discovery Foundation.
Before joining Latham, Michael practiced at another leading law firm.
Experience
Michael’s experience includes advising:
A real estate investment and asset management platform on:
Mortgage financing secured by a 260,000-square-foot office property in Pennsylvania
Mortgage financing secured by two office properties in Utah
Mortgage financing secured by an office property in Virginia
Financing of a property in Boston, Massachusetts
Brookfield Real Estate Financial Partners on acquiring two non-performing loans encumbering 75 multi-family properties in San Francisco, foreclosing and taking ownership of the properties, and a related joint venture and financing
Citigroup on:
An Oxford Properties affiliate’s loan-on-loan facility to back leverage a US$463 million mortgage loan secured by a portfolio of 13 transitional industrial assets across the US
A loan origination secured by a portfolio of multifamily properties across the US; the loan was sold into an SASB commercial mortgage-backed securities (CMBS) transaction
JP Morgan on the financing of a luxury hotel in New York
A lender to a hotel group developing resort projects throughout the world
An alternative investment manager on multiple construction loans, including for:
Development of an industrial facility in Houston, Texas
A US$250 million mortgage loan to be secured by industrial assets across the US
The real estate aspects of a convertible preferential investment in a non-traded real estate investment trust (REIT)
An investment bank on a US$525 million mortgage loan secured by a portfolio of luxury multifamily properties throughout the United States; the loan was sold into an SASB commercial mortgage-backed securities (CMBS) transaction
An investment bank on a US$347 million note-on-note facility to back leverage a mortgage loan secured by a portfolio of transitional industrial properties
An investment bank on the senior component of a US$533 million mortgage/mezzanine debt stack secured by a portfolio of multifamily properties through the United States; the senior loan was sold into an SASB CMBS transaction
Qualifications
Bar Qualification
New Jersey
New York
Education
Juris Doctor, Fordham University School of Law, 2012 Fordham International Law Journal, Member
Bachelor of Business Administration in Finance, University of Wisconsin-Madison, 2009
The annual promotion of associates highlights the firm’s depth of talent and strengths in key practice areas and markets around the world.
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