Friday, June 25, 2021
Real EstateUK

Elevate Property secures £18.6mln for Nottingham development

Nottingham development

Paragon is financing the second phase of the development, which will see 95 new town houses and apartments built

The Elevate Property Group has secured a £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 £31.3 million – following £13.3 million of funding for Priory House in Birmingham. The gross value of both schemes will be £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: We’re excited to bring the next phase of this landmark development to Trent Bridge Quays in Nottingham. The 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.

Paragon 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, he said.

Toby Burgess, Paragon Bank development finance relationship director said: Our continued support of Elevate Property Group highlights Paragon’s ambition in supporting experienced, high quality developers.

Trent 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, he said. We look forward to working closely with Steve and his team as they deliver the subsequent phases of this exciting development.

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