Nonbank lender Pallas Capital has continued its national expansion with the opening of an office in Perth and the appointment of two senior origination executives, Green Street News can reveal.
The Sydney-based commercial real estate financier has expanded into Western Australia with the hires of Phil Anderton and Michael Glen as director and associate director of origination, respectively.
Pallas has a $3.3bn investment book across 330 loans and investments and is funded by institutions including Goldman Sachs and NYSE-listed alternative investment firm Ares Management Corp. The group has traditionally backed residential projects in Sydney’s affluent Sydney eastern suburbs but has sought to move beyond its base due to the growing appetite for nonbank lending nationally.
Anderton and Glen – both previously from Commonwealth Bank of Australia – will partner with brokers, investors and developers on loans, which will include construction finance, investment finance options and early-stage funding for land acquisition, pre-development sites, residual stock and asset repositioning.
Pallas’ expansion to Western Australia is driven by growing demand for alternative funding solutions in the state, which does not have a strong nonbank lender sector.
“Joining Pallas Capital during this period of growth in Western Australia is a great opportunity to shape the region’s future,” Anderton said.
“My goal is to support developers and investors access the right financial solutions so they can deliver projects that not only succeed commercially but also contribute to the long-term growth of Western Australia’s property market.”
Anderton served as a property finance director at the Commonwealth Bank and also has experience financing large construction projects, including residential apartment developments, mixed-use precincts, shopping centres, office, and industrial assets.
Glen was with Commonwealth Bank’s business banking division in Perth, where he originated, structured and executed mid-market transactions across retail, office, industrial, residential and mixed-use developments.
Pallas’ expansion into Western Australia follows its move into South Australia in June.
View coverage on Green Street News
Disclaimer: General information only. Pallas Capital’s lending activities are limited to writing loans for business and/or investment purposes only. The consumer credit protections in the National Credit Code do not apply.