Elevate Property Group has secured a £11.9m finance facility from Paragon Bank’s development finance division to fund the development of The Silk Yard residential scheme in Derby.
The £50m Silk Yard development, which was designed by architects Corstorphine & Wright and is being built by Bode Contracting, is located on the corner of John Street and Castleward Boulevard and consists of a selection of studio, one-, two- and three-bed apartments.
Steve Dodd, chief executive of Elevate Property Group, said: “The Silk Yard is in the prime DE1 area of the city and offers a collection of high quality, contemporary apartments. All are spacious, light-filled homes, built for a new generation of living and are ideal for young professionals, commuters, downsizers, and investors.
“It has been a pleasure to work with Toby Burgess, Joshua Mann and the Paragon development finance team on these fantastic properties. Paragon shared our vision for the development, took the time and care to understand our requirements, and delivered an ideal financing facility that will bring ideal properties to Derby city centre.”
Toby Burgess, relationship manager in Paragon Bank’s development finance team, added: “The Silk Yard is an innovative development that ideally reflects our passion for supporting bespoke developments in ideal locations – and I’m delighted to have worked closely with Elevate to make this development a reality.
“As a part of the FTSE 250 Paragon Banking Group, Paragon development finance is ready to support developers throughout the UK in responding to the growing demand for high-quality homes that meet today’s needs. I look forward to following The Silk Yard’s success and seeing the benefit our partnership with Elevate will bring to Derby.”
