Paragon Bank, a leading provider of development finance, has agreed to fund a £21.7 million scheme in Birmingham that will see the transformation of a former industrial site into 111 new homes.

The project, known as Chapman’s Yard, is being delivered by Elevate Property Group, a Birmingham-based independent developer that specialises in urban regeneration.

The site, located on Upper Gough Street, has full planning permission for a mix of one- and two-bedroom apartments and street level duplexes, all sharing two communal courtyards.

The development is within walking distance of Grand Central station, the Mailbox and the city centre, and will contribute to the ongoing revitalisation of the area.

Toby Burgess led the deal for Paragon, along with Senior Portfolio Manager Joshua Mann, who will oversee the ongoing management of the facility. This is Paragon’s seventh deal with Elevate; previous schemes include The Silk Yard in Derby and Trent Bridge Quays in Nottingham.

Toby Burgess, Relationship Director at Paragon Development Finance, said: “We are delighted to support Elevate Property Group with this exciting scheme, which will provide much-needed new homes in a prime location in Birmingham.

“Paragon has a strong track record of funding high-quality developments across the UK, and we are committed to helping our clients achieve their ambitions in a challenging market. Chapman’s Yard is a great example of how we can tailor our finance solutions to meet the specific needs of each project, and we look forward to seeing the progress on site.”

James Costello, Managing Director of Elevate Property Group, said: “We are incredibly pleased to have secured the funding from Paragon Bank for this major regeneration project, which will create 111 new homes in the heart of Birmingham.

“We have a long-standing relationship with Paragon, who have been supportive and flexible throughout the process.”

In its last financial year, Paragon’s Development Finance team lent £528.1 million to support SME housebuilders and property developers across the UK.

For further information contact:

Hannah Kolarski-Daniels
Media Relations Manager
[email protected]
www.paragonbank.co.uk  

Notes to editors

Paragon provides competitive property development finance up to the value of £35 million across England and Wales.

Paragon Bank Development Finance Limited is a member of the Paragon Banking Group which is a FTSE 250 group based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group has over £14 billion of loan assets under management and manages over 340,000 customer accounts.

Paragon Development Finance Limited. Registered in England number 03901943. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ.