The Elevate Property Group has secured a 拢18.6 million finance package from Paragon for the next phase of its Trent Bridge Quays waterside development in Nottingham.
Paragon is financing the second phase of the development, which will see 95 new town houses and apartments built, following the completion of the first phase.
Work on the second phase is already underway and should be finished by the end of the year.
It brings the total amount of funding committed by Paragon to the developer to 拢31.3 million 鈥 following 拢13.3 million of funding for Priory House in Birmingham. The gross value of both schemes will be 拢50 million.
The team at Paragon said they were keen to support further phases of the Trent Bridge Quays development.
Steve Dodd, managing director of Elevate Property Group: 鈥淲e鈥檙e excited to bring the next phase of this landmark development to Trent Bridge Quays in Nottingham.
鈥淭he area will be transformed as a lifestyle destination in the coming years as the city have adopted a master plan to redevelop the entire riverbank from Trent Bridge all the way to the racecourse.
鈥淧aragon offered very competitive terms and total flexibility, we are delighted to have secured a second line of funding from such a well-regarded lender in just two months and look forward to forging a strong relationship to help pave the way for more development in the future.鈥
Toby Burgess, Paragon Bank development finance relationship director said: 鈥淥ur continued support of Elevate Property Group highlights Paragon鈥檚 ambition in supporting experienced, high quality developers.
鈥淭rent Bridge Quays is a fantastic development which is regenerating the area, creating high-specification homes with spectacular views over the Trent and across the city.
鈥淲e look forward to working closely with Steve and his team as they deliver the subsequent phases of this exciting development.鈥
