Catherall Developments has secured a £5.32m funding facility from Paragon Development Finance to support the delivery of the Kelham Exchange residential and commercial development in Sheffield’s Kelham Island district.
The 22-month facility will assist with the development of 43 private tenure apartments and four commercial units on Acorn Street in Sheffield. The scheme has a GDV of £8.248m, with Paragon providing funding at 65% loan-to-value.
Craig Seaborne, senior portfolio manager at Paragon Development Finance, said: “Kelham Exchange is a well-located scheme in one of Sheffield’s most distinctive residential neighbourhoods. Kelham Island has seen significant regeneration over recent years and continues to attract demand from residents and investors seeking high quality, well-connected city living.
“We are pleased to support Catherall Developments on this project. Matt Catherall and his team have strong experience in the local market, with an established track record of delivering residential schemes in Kelham Island. This is exactly the type of experienced regional developer we are keen to support.”
Matt Catherall, owner of Catherall Developments, added: “Kelham Island is an area we know extremely well and we are excited to be bringing forward another high quality development in the neighbourhood. Kelham Exchange has been designed to meet demand for modern, well-specified apartments in a part of Sheffield that continues to grow in profile. Paragon has taken the time to understand the scheme, the location and our track record in the area. Their support gives us the funding certainty to progress delivery and continue investing in Kelham Island.”
