Pallas Capital continues to grow its footprint, marking a new chapter for the Sydney-headquartered, boutique lender while highlighting the growing demand in Western Australia's commercial property markets.
Non-bank Pallas recently opened its first office in Perth, hiring two Commonwealth Bank (CBA) alums to lead the team.
Jason Arnold, group executive, originations at the firm (pictured above center), explained that deals like the refinance of Westend on Murray, a seven‑storey A‑grade office building in Perth's central business district, is a prime example of the growing appetite for alternative commercial finance.
"The deal is a clear signal of the massive opportunity we see in Perth’s market, residential and commercial, and the momentum we’re seizing as demand for alternative funding solutions continues to grow," Arnold told Australian Broker.
The deal was backed by the firm's lending vehicle: Pallas Funding Trust No. 5 (PFT5). Pallas provided $23.7 million in funding to local syndicator Properties and Pathways.
"Originated by Darragh O’Riordan from our Queensland team, the transaction showcases the strength of our national origination capability and the cross‑market collaboration that sets us apart," Arnold explained.
To build on the momentum, Pallas has opened its latest office in Perth — joining current locations in Sydney, Melbourne, Brisbane and Adelaide, as well as Auckland and Christchurch in New Zealand — and hired two new senior-level origination executives to lead the team. Phil Anderton takes on the title of director, origination WA, while Michael Glen has been named associate director, origination WA. Both hail from CBA and report directly to Arnold.
"Phil and Michael bring expertise and local networks needed to support brokers and developers in Western Australia," Arnold said. "Their appointments demonstrate Pallas Capital’s commitment to providing high-level service whilst reinforcing our national origination capability.”
Anderton most recently served as director within CBA's major client group, property finance. But he comes with roughly two decades of experience across private, corporate and institutional clients, including large construction projects, residential apartment developments, mixed-use precincts, shopping malls, offices and industrial assets. Anderton's resume also includes stints at Bankwest and ANZ.
The Perth-based executive described the role with Pallas as “a great opportunity to shape the region’s future.
"My goal is to support developers and investors to access the right financial solutions so they can deliver projects that not only succeed commercially, but also contribute to the long-term growth of WA’s property market," he said.
Glen, who is also in Perth, spent nearly 16 years at CBA in a variety of roles. Most recently, he served as relationship executive, property finance in the lender's business banking division. Glen has experience in originations, structuring deals and executing high volumes of mid-market commercial real estate transactions across retail, office, industrial, residential and mixed-use developments, alongside specialist sectors.
"My long-standing relationships with brokers, investors and developers provides me with a deep understanding of their funding requirements," he said. "I look forward to helping investors grow their portfolios and achieve their investment outcomes, while enabling developers to capitalize on development opportunities and commence projects with reduced funding hurdles.”
The duo will spearhead loan originations in Perth, working across the broker, investor and developer communities. Their remit spans land acquisition finance, pre-development funding, residual stock solutions and asset repositioning opportunities.
"These solutions are designed to help clients secure prime investment opportunities," Arnold said. "Pallas Capital intends to establish a direct presence in a market where non-bank lenders have traditionally had limited participation compared to the eastern states."
It's no surprise that Pallas has been busy. As of June 2025, Australia’s bank CRE debt reached a record $415.7 billion, up 9.6% year-over-year. In the case of Pallas, the firm closed nearly $3 billion worth of transactions in financial year 2025 alone, or roughly $8.6 billion since the firm's inception in 2016.
In August, the firm raised $500 million PFT5, backed by Wall Street heavyweight Morgan Stanley. That same month, Pallas opened its Adelaide offices. Arnold added that the company also plans to establish a physical presence in Canberra in response to rising demand.
