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Jones Day welcomes three Boston partners focused on real estate finance and federal and state tax credits

October 2013


Three leading practitioners of real estate finance and federal and state tax credit law have joined the Boston Office of global law firm Jones Day as partners. Douglas R. Banghart, Jeffrey D. Gaulin, and John D. Kelley were previously partners in Holland & Knight LLP's Boston office. Associates Patrick J. Cronin, Sameer Patel, and Brian D. Hern accompanied them, with Mr. Patel working in Jones Day's Chicago Office.

"Tax credit incentives are complex, ever-changing, and increasingly important to the bottom line," said Traci Lovitt, Partner-in-Charge of the Boston Office. "Doug, Jeff, and John have a national reputation for their mastery in this area. A broad range of our corporate and real estate industry clients, in Boston and beyond, will be well served by their counsel."

"Doug, Jeff, and John add a significant dimension to our already formidable real estate finance and tax credit capabilities," said Bob Lee, leader of Jones Day's global Real Estate Practice. "Working together with our established practices in New York and Chicago, this well known group will ensure that all potential tax incentives are available to our clients, whether a transaction is eligible for energy-related, community development, housing, new markets, historic rehabilitation, or other real estate-related credits."

Commenting on their move, Mr. Banghart said: "Among other things, we were attracted to Jones Day's One Firm Worldwide philosophy and how that translates into genuine client focus and collegiality." Mr. Gaulin added: "I've known and worked with Jones Day's lawyers for years. It's great to join the team." Mr. Kelley said: "Jones Day has a truly global real estate practice doing cutting-edge work for lenders, developers, property companies, and investors. We're thrilled to be part of it."

Mr. Banghart practices in the area of state and federal tax credit syndication, partnership taxation, and nonprofit organizations. He has represented major institutional investors, developers, local governments, community development entities (CDEs), and nonprofit organizations, primarily in real estate redevelopment projects. Mr. Banghart has extensive experience in closing new markets tax credit leverage fund transactions, including acting as lead attorney on the largest single qualified equity investment ever closed, and combining historic and new markets tax credits in single transactions.

A frequent speaker on issues related to partnership taxation and the legal and tax implications of various incentive programs. Mr. Banghart is a graduate of the College of Wooster (B.A., magna cum laude), Washington and Lee University School of Law (J.D.), and the University of Florida (LL.M., Taxation).

Mr. Gaulin focuses on structuring transactions involving historic rehabilitation tax credits, new markets tax credits, and state tax credits. He represents major institutional investors, developers, community development entities (CDEs), and nonprofit organizations in projects that utilize a combination of various tax credits and other financing sources including mixed-use real estate developments, hotels, commercial real estate projects, and renewable energy facilities. Mr. Gaulin has significant experience in partnership and corporate tax law, and was previously a member of the Tax Advisory Group at Ernst & Young, LLP, focusing on corporate and partnership taxation.

A graduate of Boston College (B.S., Finance and Economics, cum laude) and Boston College Law School (J.D., cum laude) and a former law clerk to Justice Linda Dalianis of the New Hampshire Supreme Court, Mr. Gaulin speaks frequently on issues related to the new markets tax credit program as well as various other incentive programs and has contributed to industry publications.

Mr. Kelley concentrates on tax and business transactions with an emphasis on real estate syndication, partnership law, and equity financing of partnerships, limited liability companies, and corporations. He has significant experience in representing institutional investors, syndicators, and developers in tax credit and incentive transactions, including federal and state low-income housing tax credits, federal new markets tax credits, and federal energy tax credits investments. Mr. Kelley also has experience representing major banks and other financial institutions in real estate financing transactions, including acquisition, construction, and permanent financing of multi-family projects throughout the United States.

Mr. Kelley is a graduate of the University of Miami (BBA, Business, with honors) and Boston College Law School (J.D.). In addition to his legal practice, he worked at Coopers & Lybrand (now PriceWaterhouseCoopers) in structuring tax transactions and has experience as a business manager and principal.

Jones Day is a global law firm with 40 offices in the major centers of business and finance throughout the world. Ranked among the world's best and most integrated law firms, and perennially ranked among the best in client service, Jones Day acts as principal outside counsel to, or provides significant legal representation for, approximately half of the Fortune 500, Fortune Global 500, and FT Global 500.

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