A property firm behind a new neighbourhood of eco-friendly homes in Somerset has secured £10m to finance the scheme.
Acorn Property Group received the cash injection from Paragon Development Finance's Green Homes Initiative to support the next phase of its development in Bruton.
Cubis Bruton is a 56-home scheme of newbuild homes being constructed in the county. The second phase, Longcroft at Cubis Bruton, consists of 28 three- and four-bedroom properties, each designed to be sustainable.
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The development was designed by land artist Mark Merer and the collection of houses have differing layouts, with timber cladding and natural stone.
Melanie Omirou, managing director of Acorn Property Group, said: “We are very proud of this unique development, which combines leading design with efficient construction techniques to maximise the sustainability of the scheme.
She added: “Our vision is to ensure that everything we do has a positive impact and contribution to the local surroundings, creating a true sense of place and an inclusive community."
Paragon’s Green Homes Initiative aims to support SME housebuilders developing new domestic properties with the highest energy performance standards. Under the scheme, developers delivering homes with an Energy Performance Certificate rating of A will receive a 50% reduction on loan exit fees.
The deal was led on behalf of Paragon Development Finance by senior relationship director Nigel Jackson with support from senior portfolio manager James Helmore.
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Mr Jackson added: “We’re delighted to have completed another deal utilising our Green Homes Initiative. Cubis Bruton is truly unique and offers residents something different. The first phase of the scheme sold well and we are confident the second phase will prove just as popular.”
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