February 21, 2022
PNC Realty Investors, Inc. (“PRI”) announced today that it is expanding its Transactions Team as part of its implementation of recent strategic priorities. Clay Flanagan, President of PRI, announced this week that Herb Canada, has transferred within PRI to a VP/Senior Transactions Specialist role within PRI’s Transactions Team. Prior to joining the Transactions Team, Herb worked as a Vice President within PRI’s Asset Management Team where he served as the group’s Multifamily Specialist. In that role, Herb managed a significant portion of the BIT’s assets on the West Coast, along with several of the fund’s joint-venture development projects, including The Griffith, MacArthur Commons, and The Waverly (currently under construction).
“We are extremely pleased about Herb’s new role within PRI,” said Clay. “Herb has a depth of experience in commercial real estate which will continue to serve the AFL-CIO Building Investment Trust well in this new role. His experience throughout the industry will enhance the BIT’s opportunities for sourcing more of the high-quality transactions we seek for the portfolio.”
Herb joined PRI in 2016 after spending five years at JB Matteson, a private-equity investment firm where he facilitated the repositioning of the company’s investment portfolio via 1031 tax-deferred exchanges. Prior to that, he led ADANAC Properties, a boutique commercial real estate investment and property management firm that invests in value-added residential projects in Los Angeles. Herb also worked as Senior Investment Manager in Fannie Mae’s Market Rate Equity division where he managed the West Coast portion of the company’s direct equity investments. While at Fannie Mae, Herb also underwrote and placed more than $1.9 billion dollars’ worth of new loans on existing multifamily projects.
“I am grateful to continue my work for the AFL-CIO Building Investment Trust,” said Herb. “The work I’ve done on the West Coast provided me with unique insight into the BIT’s experience in real estate, especially ground-up construction. I am honored to be broadening my scope of responsibility. I am a firm believer in the power of investing in real estate responsibly.”
In his new role, Herb will be focused on sourcing additional pipeline opportunities for the fund with a specific concentration on increasing BIT’s industrial pipeline as well as sourcing multifamily assets in Texas and select Southwest and Western markets. Herb works out of the PRI San Francisco office and resides in Piedmont, California.