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London developer Aitch Group secures £24 million Paragon funding to support Bethnal Green Empress Works development 

Paragon Bank has provided a £24.3 million funding package to property developer Aitch Group to fund the completion of Empress Works, a mixed-used development in Bethnal Green, London. 

The Empress Works development comprises 58 residential units and a 6,990 ft ground floor commercial space. The funding from Paragon’s specialist Development Finance team has enabled the refinance of the partially completed scheme, ensuring that the competition date of March 2021 remains on track. 

This is the second development by Aitch Group supported by Paragon, with the bank having previously provided the developer with a funding package of over £34 million to assist with the development of 103 residential units in Hackney Wick. 

Henry Smith, CEO of Aitch Group, said: “This funding package enables the company to meet its goal of finalising the project by March next year, despite the challenges created by coronavirus. Paragon’s Development Finance team was excellent, working tirelessly and with true commerciality to arrange and complete the refinance for the Empress Works scheme in a timely manner.” 

Nigel Jackson, Relationship Director at Paragon, said: “I have had a relationship with Aitch Group for over 20 years, so it is great to be able to support them again with funding for this scheme in Bethnal Green. During the recent difficult times, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients.” 

Private developer Aitch Group was founded in Hackney in 1995 by Henry Smith, who remains CEO, and specialises in developments across London and the Home Counties. It has built more than 3000 homes over the past 25 years. 

The Empress Works is a mixed-use development situated beside Regent’s Canal in the heart of bustling Hackney, close to Broadway Market. 

For further information contact:

Amy Lange

Media Relations Manager

Paragon Bank

Tel: 0121 712 2526

 

Paragon Banking Group PLC.  Registered in England number 2336032.  Registered office 51 Homer Road, Solihull, West Midlands  B91 3QJ.