£18.6m deal sealed to bring forward second phase of riverside apartment scheme

The funder behind the second phase of the luxury Trent Bridge Quays scheme in Nottingham has been revealed.

Paragon Development Finance has agreed an £18.6m funding package with developer Elevate Property Group to build 95 townhouses and apartments on the banks of the River Trent when complete in Q4 2021. Phase I of the scheme is now complete and residents have started to move into their new homes.

Trent Bridge Quays is the second Elevate Property Group development Paragon has supported in recent months following the £13.3m funding for the Priory House scheme in Birmingham.

Paragon says it is keen to support further phases of the Trent Bridge Quays development. The Gross Development Value of both schemes is well in excess of £50m.

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”.

He added: “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 2 months and look forward to forging a strong relationship to help pave the way for more development in the future”.

Toby Burgess, Paragon Bank development finance relationship Director: “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. 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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