The first five student interns from Montclair State University’s (MSU) Feliciano School of Business have been chosen to help scout locations for Pristine Sustainable Affordable Homes, Inc., aka Pristine Homes, a not-for-profit 501 (c) 3, corporation and the country’s first Public Private Academic Cooperation (PPAC).
Launched earlier this year by New Jersey developer and philanthropist Philip Cali, Jr., CRE Clinical Specialist Anthony Palazzo, and MSU Real Estate Coordinator Dr. Joseph R. Nicholson, MBA, PhD, the mission of Pristine Homes is to engage in efficiently constructed and designed sustainable, affordable multi-family housing for low to moderate income residents of municipalities throughout New Jersey.
The interns will target municipalities throughout the state that have programs already in place for community growth, as well as the ability to allocate units to Pristine Homes for development. With their first assignment in a business development capacity, the students are focusing on townships with funding to build 500 or more units.
“The energy and heartfelt commitment of these young people bodes well for the future of our state,” said Cali. “These are highly desirable paid internships but most importantly, they are opportunities for acquiring practical, useful skills on multiple levels.”
The PPAC program, as formulated by Palazzo and designed by Dr. Nicholson, requires students to participate in revolving assignments, such as financial analysis, economic viability, governmental approvals, municipality and community inclusion and interaction, construction supervision, project and business management, operations and marketing. To be eligible for the program, students must commit to a minimum 18-month paid internship and have top academic credentials in the university’s commercial real estate program.
The program is privately funded, separate from the school.
The internship team is currently made up of students from MSU’s Feliciano School of Business and comprise: Cara Pasternak, Sophomore, BA Concentration in Marketing; Joseph Bianco III, Junior, BA Economics Major, Economics and Financing, Entrepreneurship Minor; Deana Spagnola, Sophomore, BA Management Major; Mathew Duran, Senior, BS with BA Concentration in Management; Kayla Malia, Sophomore, BS Real Estate Concentration.
“I can easily see the PPAC model adopted by business schools across the country,” said Dr. Nicholson. “It is a great program and we are proud to be doing this with the cooperation of a truly visionary institution.”