Elevate Property Group has secured a £21.1m funding facility from Paragon Bank to support the second phase of its Silk Yard development in Liversage Street, Derby.
The second phase of the scheme will comprise of 164 studio, one, two, and three-bedroom apartments. The properties will also benefit from a central gated courtyard, providing outside space to residents.
Paragon Bank supported Elevate Property Group with a funding facility of £11.9m for phase one of The Silk Yard. The first phase will be complete in summer 2024 and will consist of 94 apartments, over 60% of which have been sold.
The second phase of the Silk Yard will be completed in 2025 and the project will deliver 258 new apartments across both phases.
This is Paragon’s eighth deal with Elevate Property Group, having supported previous schemes including the first phase of the Silk Yard development in Derby, Chapman’s Yard in Birmingham, and Trent Bridge Quays in Nottingham.
This deal was led on behalf of Paragon Bank by Toby Burgess, Relationship Director, and Joshua Mann, Senior Portfolio Manager.
James Costello, Managing Director of Elevate Property Group, said: “It’s been great work with Paragon on the second phase of the Silk Yard scheme in Derby to deliver new housing to this vibrant area.
“We’re pleased that the first phase of the scheme has been so successful, with over 60% of the properties already sold, we’re looking forward to being able to deliver 164 more apartments to this local community, as Derby city centre continues to be a sought after location.”
Toby Burgess, Relationship Director at Paragon Bank, added: “It’s been a pleasure to work with James and the Elevate team once again, to support the second phase of the Silk Yard scheme in Derby.
“We’re delighted that Paragon has been able to support both phases one and two of this development, providing a total funding package of £33 million. We’re looking forward to seeing how the scheme progresses and how it makes a positive impact on the area.”
