Developer lands £14.3m funding package to seal land deal
Northampton-based property developer Lodge Park Homes has secured a £14.3m finance package from Paragon Development Finance to support its Priors Hall Park housing scheme in Corby.
The funding has assisted the purchase of the land on London Road and subsequent development of 87 houses.
The scheme will consist of 36 two-bed, 46 three-bed and 5 four-bed homes, offering a range of terraced, semi-detached and detached properties.
Priors Hall Park is a new home neighbourhood set in 1,200 acres of Northamptonshire parkland. The Priors Hall scheme is due to be fully complete in September 2023.
This is Paragon’s ninth deal with the company, which was formed in 1998 and now boasts over 40 employees. The company has built over 1,000 homes in Northamptonshire and surrounding counties.
The deal was led on behalf of the bank by relationship director Adrian Reeves, with support from portfolio manager Bonnie McClosky.
James Browning, Lodge Park technical director, said: “Priors Hall Park is one of our largest developments to date and we’re excited to bring these much-needed new family homes to the market. They are located within the beautiful Northamptonshire countryside, but within commuter distance to both Northampton and Peterborough, as well as the train line to London or the Midlands.”
He added: “Paragon is a company we have worked with over a number of years. Their relationship driven approach fits perfectly with us; they fully understand our business and what we are trying to achieve.”
Reeves said: “We’re very pleased to have completed another deal with this established regional developer which only strengthens our relationship. The homes on Priors Hall Park sell extremely well and I’m sure with the quality of homes Lodge Park deliver, these will be just as popular.”