First Global Bank (FGB), the banking arm of the GraceKennedy Financial Group, in partnership with Sagicor Bank and VM Group, has spearheaded a syndicated loan for Stanley Motta’s latest endeavour, Unit 1.

Unit 1 is an 11-storey, multi-purpose commercial project at 58 Half-Way-Tree Road in the Corporate Area set for completion by Q3 of 2025. The construction has an estimated valued of US$12 million ($1.8 billion).

Leading with collaboration

The partnership started in 2021 when Stanley Motta sought financing that would meet both their corporate relationship needs as well as their construction development goals.

Melanie Subratie, CEO and Chairman of Stanley Motta Limited noted at a recent commemorative signing event, “I really do think it’s been amazing to work with First Global [Bank] because you put together a syndicate quickly. The management team has been incredible to deal with, you’ve been very responsive and — obviously, because FGB has a very tight team — this provides a  personal experience, which I much prefer. Otherwise, you’re on a long list of people for someone to call. The boutique atmosphere that First Global Bank has is excellent; you’re very great partners.”

The construction of the state-of-the-art facility will be fitted with modern amenities including rainwater harvesting, spacial drainage and earthquake readiness. Once completed, the building will host eight tenants engaged in business solutions, among other industries, including Stanley Motta’s sister company, Canopy Insurance.

Meeting demands one loan at a time

The financial solution forms part of an aggressive lending strategy developed by FGB’s Corporate Banking Unit to meet the changing demands of its clients, and it is the latest credit facility it has arranged for a commercial real estate project.

This credit solution follows another large, syndicated loan that FGB arranged with Sygnus Capital in 2024 for the Chester Creek residential development. That project, West Indies Home Contractors Ltd’s (Wihcon) newest luxury residential development in the municipality of Portmore, is set to deliver 328 contemporary townhouses across 18 acres.

Howard Smith, vice president of corporate banking at First Global Bank, highlighted that demand for financing is prevalent for both commercial and residential projects.

“FGB ensures that we tailor our financing solution irrespective of the size for our clients to ensure we deliver the right credit solutions that are aligned with our client needs. We work with clients to understand what is needed so that when we create these solutions, we can proudly stand behind a project — not just in financing but the finished product,” he noted.