The developer behind the 258 apartment Silk Yard scheme in Derby has secured an £11.9 million finance facility from Paragon Bank’s development finance division.
The deal was led by Paragon relationship director Toby Burgess with support from portfolio manager Joshua Mann, and marks the sixth collaboration between Paragon and Elevate.
The Silk Yard development, which is located on the corner of John Street and Castleward Boulevard, is already 35 per cent reserved prior to completion.
READ MORE: {}
The £50 million scheme is being built across three phases, with construction expected to be complete within two years.
Previous Elevate schemes have ranged from mid-century conversions and contemporary new builds to transforming forensic science labs and even the painstaking restoration of one of Birmingham’s last remaining Georgian villas in Old Heaton House.
Steve Dodd, chief executive of Elevate Property Group, said: “The Silk Yard is in the prime DE1 area of the city and offers a collection of high quality, contemporary apartments.
“All are spacious, light-filled homes, built for a new generation of living and are ideal for young professionals, commuters, downsizers, and investors.
“It has been a pleasure to work with Toby Burgess, Joshua Mann and the Paragon Development Finance team on these fantastic properties.
Most Read
“Paragon shared our vision for the development, took the time and care to understand our requirements, and delivered an ideal financing facility that will bring ideal properties to Derby city centre.”
Toby Burgess, Paragon Bank Development finance relationship manager, said: “The Silk Yard is an innovative development that ideally reflects our passion for supporting bespoke developments in ideal locations – and I’m delighted to have worked closely with Elevate to make this development a reality.
“As a part of the FTSE250 Paragon Banking Group, Paragon Development Finance is ready to support developers throughout the 海角视频 in responding to the growing demand for high-quality homes that meet today’s needs.
“I look forward to following The Silk Yard’s success and seeing the benefit our partnership with Elevate will bring to Derby.”
The Silk Yard development, which has been designed by architects Corstorphine & Wright and is being built by Bode Contracting, is the first time Elevate Property Group has developed in Derby.