Doug Banghart represents major institutional investors, developers, local governments, community development entities (CDEs), and nonprofit organizations, primarily in real estate redevelopment projects using historic rehabilitation tax credits (HTCs) and new markets tax credits (NMTCs).
He 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 twinned historic and new markets tax credit transactions. Doug also has represented taxpayers in tax controversy matters involving tax credits, developers purchasing and selling tax credit properties during their compliance periods, and conventional lenders financing tax credit projects.
He has represented the investors, CDEs, borrowers, and developers in hundreds of tax credit transactions including a significant number of state and federal combined historic and new markets tax credit transactions.
More recently Doug has been involved in advising investors, fund managers, project owners, and others regarding the use of the Opportunity Zone program including with respect to projects that combine Opportunity Zone benefits with tax credits.
Doug speaks frequently on issues related to partnership taxation and the legal and tax implications of various incentive programs. He is a member of the Massachusetts Bar Association and the Virginia Bar Association.
Experience
East West Bank finances rehabilitation of historic building in Cortland, New York
Jones Day advised East West Bank in the rehabilitation of a historic building in Cortland, New York.
Capital One finances construction of charter school in Chicago, Illinois
Jones Day advised Capital One Bank, N.A. in the financing of the construction of a charter school in Chicago, Illinois.
Wells Fargo provides multiple level financing for redevelopment of decommissioned coal power plant in Savannah into luxury hotel
Jones Day represented Wells Fargo Bank, National Association in connection with the redevelopment of a decommissioned coal power plant in Savannah, Georgia into a luxury hotel.
Confidential taxpayer obtains No Action Letter following audit of transaction involving historic new markets and rehabilitation tax credits
Jones Day successfully represented a confidential taxpayer in the audit of a transaction involving state and federal historic new markets tax credits and federal historic rehabilitation tax credits.
SunTrust Community Capital invests in newly constructed sports and health facility, generating federal new markets tax credits
Jones Day represented SunTrust Community Capital, LLC (STCC) in connection with the financing of a newly constructed sports and health facility containing approx. 120,000 square feet of enclosed athletic courts, medical space, and six outdoor multipurpose fields.
Jamestown initiates historic rehabilitation of iconic Sears, Roebuck and Co. building in Atlanta, Georgia
Jones Day represented Jamestown, L.P., as special tax counsel on the Ponce City Market transaction, involving the $250+ million historic rehabilitation of the iconic 2.1 million-square-foot Sears, Roebuck and Co. building in Atlanta, Georgia.
Related Companies refinances certain loans and assesses tax consequences and impact on New Markets Tax Credits
Jones Day represented The Related Companies, L.P., (Related) in connection with the refinancing of certain loans originally made to a Related affiliate in 2007, and advised on the tax consequences of the refinancing and specifically its impact on the New Markets Tax Credits generated by the refinanced loans.
SunTrust Community Capital finances Kent Corner office and retail development in Durham, North Carolina, generating new markets tax credits
Jones Day represented SunTrust Community Capital, LLC (STCC) in connection with its financing of the Kent Corner office and retail development in Durham, North Carolina.
Additional Publications
- June 2014Historic Tax Credit Transactions in the Wake of Revenue Procedure 2014-12, Real Estate Issues
- July 2010Why Prepaid Rent (Unfortunately) Isn't Nonqualified Financial Property - Part Two, Novogradac Journal of Tax Credits
- June 2010Why Prepaid Rent (Unfortunately) Isn't Nonqualified Financial Property - Part One, Novogradac Journal of Tax Credits
- March 2010How Reasonable are Reasonable Expectations Opinions? Novogradac Journal of Tax Credits
Speaking Engagements
- March 26, 2014American Bar Association - Real Property, Trust and Estate Webinar: IRS Issues Historic Tax Credit Safe Harbor Guidance
- April 6, 2011The Tax Exempt Use Property Rules: 50 Ways to Lose Your HTCs, panelist, Novogradac Company LLP, Historic Tax Credit Conference
- June 10, 2010Government Funds and NMTCs, panelist, Novogradac & Company New Markets Tax Credit Conference
- November 10, 2009Finding Multifamily Housing and Commercial Real Estate Financing Opportunities, panelist, New Approaches to Using New markets Tax Credits and Historic Credits to Bridge the Gap, Finding Multifamily Housing Financing Opportunities During (and After) the Credit Crunch
- October 22, 2009Leveraged Loans and Uncle Sam, panelist, New Markets Tax Credit Investors Conference
- September 21, 2009Finding Multifamily Housing Financing Opportunities During (and After) the Credit Crunch - New Approaches to Using New Markets Tax Credits and Historic Credits to Bridge the Gap
- June 11, 20098th Annual New Markets Tax Credit Conference, Exit Strategies: Steps to a Successful Conclusion
- January 29, 2009Community Impact - What It Looks Like and How It Can Be Measured, panelist, 2009 New Markets Tax Credit Investors Conference,
- October 23, 2008New Markets Tax Credit Investors Conference
- October 23, 2008Uncovering Funds, Novogradac Company LLP, panelist, New Markets Tax Credit Conference
- January 24, 2008Novogradac Company LLP, panelist, New Markets Tax Credit Conference
- June 7, 2006Fifth Annual New Markets Tax Credit Spring Conference, panelist, Novogradac Company LLP
- May 24, 2006American Bar Association's 15th Annual Conference and Annual Meeting on Affordable Housing and Community Development Law, panelist
- January 25, 2006Novogradac Company LLP, panelist, New Markets Tax Credit Conference
- University of Florida (LL.M. in Taxation 2007); Washington and Lee University (J.D. 2000); The College of Wooster (B.A. magna cum laude 1997; Raymond R. Day Prize in Urban Studies; Pew Research Fellowship)
- Massachusetts and Virginia
- The Legal 500 US — recognized as a leading lawyer in real estate (2014)