Retirement living developer Beechcroft has secured a £10m revolving credit facility (RCF) from Paragon Bank’s development finance division to fund a luxury scheme in Ascot.
The scheme, which is being created by Beechcroft’s special projects division, will be available on the open market with full-time residency restricted to the over-16s.
The scheme will comprise 27 apartments and nine houses, combining new-build homes with the renovation of a Grade II listed building within 13 acres of mature grounds.
James Helmore, relationship director at Paragon Bank, said: “We’re proud to support Beechcroft in delivering this outstanding scheme in Ascot. The company’s reputation for quality and attention to detail is second to none, and this development will provide much-needed, thoughtfully designed in a prime, in-demand location.”
Chris Thompson, managing director of Beechcroft, added: “We’re delighted to be working with Paragon Bank on this exciting project. We appreciate the bank’s flexible funding approach and its recognition of the growing later living sector will prove invaluable as we plan for future developments in the retirement sector.”
