Developer secures more than £23m to deliver pair of landmark schemes

Elevate Property Group has secured a £23.4m funding package to deliver a pair of highly-anticipated residential projects in the East and West Midlands.

Paragon Bank has handed the developer £11.9m to complete the second phase of its landmark Trent Bridge Quays scheme in Nottingham and £11.5m for a development of 60 new build apartments in Solihull.

The Muller Yard at Trent Bridge Quays will comprise a mix of 44 new build apartments and 14 townhouses, plus two commercial units, situated on the banks of the River Trent. Construction started in April and is due to complete in July this year. Elevate has selected Bode Contracting for the project.

Paragon previously provided funding for Phase I of Trent Bridge Quays.

The funding deals were led on behalf of Paragon by relationship director Toby Burgess and portfolio manager Joshua Mann.

Burgess said: “Buyers like Elevate Property Group developments because they offer well-designed spaces with a much higher specification than is commonly seen.

“We’re also delighted to have been involved in the Priory House scheme, which has brought a landmark building back into use in the heart of a vibrant and up-and-coming part of the city.

“This was a great project to kick-off our relationship with Elevate and they have been hugely successful in delivering the scheme quickly despite the challenges in the construction market post-Covid and then achieving impressive sales allowing them to repay our facility in less than 21 months.”