First Global Bank (FGB), the banking arm of the GraceKennedy Financial Group, has secured the position of lead financier in a syndicated construction loan, in partnership with Sygnus Capital Limited, for the Chester Creek residential development.
Chester Creek is West Indies Home Contractors Ltd’s (Wihcon) newest luxury residential development in the municipality of Portmore. The project will deliver 328 contemporary townhouses across 18 acres in Westchester.
So far, 92 per cent of units have been pre-sold in phase 1, with the project slated for completion in Q2 2026 across four phases.
The gated community will feature smart-enabled, expandable two-bedroom units with 2½ bathrooms. Each phase of the four-part development incorporates advanced security features including smart doorbells and surveillance systems.
The developers will be targeting young professionals and diaspora investors seeking premium rental properties.
Chester Creek represents one of FGB’s largest residential financing projects to date, having been a financier of large-scale, multi-billon real estate development projects since 2002.
During an exclusive tour of a model unit with the developers and financiers, Howard Smith, FGB’s vice-president of corporate banking, highlighted Chester Creek’s potential to continuously raise the standard for Portmore, which is continuously expanding and undergoing transformation
Commenting on FGB’s role in the development, Smith added, “Currently, the bank is focused delivering structured financial solutions for our corporate clients and much like what other residential developments in the area has done, the aim here is to finance projects that bring affordable, comfortable housing as well as strategic, data-driven commercial solutions.”
Meeting market demand
Chester Creek is one of several construction projects presently being funded by FGB, as the Corporate Banking unit pursues an aggressive lending strategy to meet the changing demands of their clients over the next 48 months.
“Currently, our clients are moving at a rapid pace and we’re moving with them as well, so what we’ve found is that as our clients’ needs change, we meet them, Smith explained.
“For example, one developer may be big on green solutions, the other may want to shift how certain elements of their construction is done to combat certain weather conditions. So, based on that, our team will tailor-make solutions that when the projects go to market, prospective buyers are able to clearly see value for money,” he continued.
The management team at Wihcon believes that given the company’s current pipeline and trajectory, there is increased need for more housing solutions in Portmore and the wider St Catherine, evidenced by strong presales at a reasonable price point.
“From our standpoint and certainly based on the projects we’re working on, there is a need for more housing across specific areas in Jamaica like Portmore and St Catherine. We’re happy with the strong presales support and look forward to working with partners like First Global to deliver housing and commercial solutions for all,” Marvin Campbell, CEO, Wihcon, noted.
Echoing the sentiments of Campbell, Terry-Ann Graver, chief operating officer at FGB, pointed out that globally housing continues to be one of the top needs for both young professionals and those who wish to retire and invest.
“In the Jamaican context, there is a strong demand currently for both residential and commercial financial solutions and to that extent, FGB is currently the lead financier on several major development projects, of which some have already started their construction phase with others to break ground soon,” she said,
“Over the next few years, we are expecting that these investments will not only shape the communities in which they are built but will meet the financial needs for projects in any industry that needs them. Our team of experts have the track record of delivering solutions for projects of every scale,” Graver added.
Units at Chester Creek start at $32.5 million, with exclusive mortgage options available through First Global Bank, reinforcing the bank’s end-to-end commitment to housing development and accessibility.