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Patrick Brala joins Pennrose as senior vice president and chief financial officer
December 7, 2016
Patrick J. Brala, has joined Pennrose as senior vice president and chief financial officer for the Philadelphia-based multifamily real estate company. Brala will lead the comprehensive financial operations for the enterprise, including development and management activities. He will oversee the financial, accounting and accounts payable functions located in the Philadelphia and Kingston, Pa., Pennrose offices, oversee and monitor short and long-term financial planning, analyze cash flow, and manage all tax related functions. Brala is a proven leader and financier with nearly 30 years of experience in the areas of accounting, tax services, private equity real estate, and strategic planning.
“Patrick will play a critical role in creating the Pennrose Enterprise,” said Mark H. Dambly, president of Pennrose Properties. “His leadership, financial and entrepreneurial expertise is going to help guide our organization into an intense and sustained period of growth and expansion.”
Brala has expertise as the senior financial officer for several significant real estate investment and development organizations. He was most recently co-founder and CEO of Score Enterprises, LLC (Athvita), an online retail company. Prior to Athvita, Brala was senior vice president and CFO for Keystone Property Group where he managed accounting and back office operations, structured debt financing, and established systems for various reporting and compliance requirements. Brala is a licensed certified public accountant and started his career in public accounting with Price Waterhouse.
“Pennrose has an industry-wide reputation for achieving exceptional results,” said Brala. “I am excited to join such a group of professionals, and I look forward to contributing to the organization’s strategic goals.”
The addition of Brala to the Pennrose team is seen as a key element in aligning all of Pennrose’s finance and accounting activities under an enterprise model that will enable the organization to execute its strategies for continued growth. Cristi Resciniti will remain chief financial officer for management operations. All development financial operations will be transitioned to Brala.
Rich Gower has been named senior vice president of asset management and treasurer, and will oversee the company’s expanded asset management activities, investor related functions, and all principal related services. Pennrose is restructuring to a shared services model to streamline business functions to prepare for the organization’s expected growth.