A Bristol property developer has secured a £7.4m financial package.
Paragon Bank's development finance division has devised the package to support The PG Group's development in Redcross Mews.
The Redcross Mews development consists of 34 one, two and three-bedroom flats, five of which will be shared ownership.
The PG Group has been operating in the Bristol area for over 20 years and is committed to designing developments that enhance the local environment and wider community. Construction on the Redcross Mews development is set to be completed in the Summer of 2024.
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As part of Paragon’s Green Homes Initiative, the firm aims to achieve an EPC A rating across the project by including solar panels on the roof, communal air source heat pumps and mechanical ventilation with a heat recovery system.
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.
This is Paragon’s second funding deal with The PG Group, following a previous agreement for the development of a seafront apartment scheme in Weston-Super-Mare. The deal was led by relationship director Toby Burgess, with support from portfolio manager Joshua Mann.
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Dave Gray, The PG Group chief operations officer, said: “We are delighted to secure financing from Paragon for our new development, Redcross Mews. The new build is situated in such a vibrant part of the city and we’re proud to deliver high-quality apartments in a sustainable and responsible way.
“Through our collaborations with Paragon, we’ve built a great relationship with Toby and the team”
Mr Burgess added: “The apartments at Redcross Mews will be a fantastic addition to Bristol. We’re delighted to work with The PG Group again and our financing will support the firm in providing 34 apartments with a strong EPC rating. The team here at Paragon is looking forward to seeing the completed project in Summer 2024.”
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