Patrick J.Cronin

Partner

Boston + 1.617.449.6930

Patrick Cronin has extensive experience structuring transactions that utilize federal and state new markets tax credits, historic tax credits, and energy tax credits within their capital stacks. He represents major institutional tax credit investors (including first-time tax credit investors), for-profit and not-for-profit community development entities (CDEs), and developers in projects that span a wide range of land and properties, including commercial, industrial and warehouse, mixed-use, office, and retail properties, medical office buildings, hotels, and renewable energy facilities.

Patrick also has experience in a variety of business litigation matters, including contract, corporate governance, breach of fiduciary duty, and in cases alleging fraud and other business torts.

Prior to attending law school, Patrick worked for three years at the New York City Department of Housing Preservation and Development, first auditing development organizations awarded federal, state, and/or city subsidies and later serving as the special assistant to the deputy commissioner of development.

Patrick participated in the 2015-2016 Greater Boston Chamber of Commerce's Future Leaders Program. The Future Leaders Program identifies mid-level executives with strong leadership potential, providing them with opportunities to engage in the region's business and civic communities, and acquire skills to lead organizations into the next decade and beyond.

Experience

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.

East West Bancorp invests in rehabilitation of historic building in Portland, Oregon, undertaken by affiliates of Pacific Northwest College of Art
Jones Day represented East West Bancorp Inc. in connection with its investment in the rehabilitation of the historic building located at 511 NW Broadway, in Portland, Oregon, undertaken by affiliates of Pacific Northwest College of Art (PNCA).

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.

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