Regeneration specialist igloo has secured a £4.5m revolving finance facility from Paragon Development Finance to support the delivery of a new residential scheme at Riverside Sunderland.
The funding will support the construction of 34 new homes comprising a mix of two-to-four bedroom townhouses, maisonettes and apartments, which will be delivered across two phases.
The first phase will provide 18 townhouses and maisonettes, forming the foundation of a new residential cluster at the heart of the Vaux neighbourhood and phase two will provide 16 apartments based on the award winning designs from the government’s ‘Homes of 2030’ competition.
Pete Conboy, project director at igloo, said: “This is a landmark residential development within the ambitious Riverside Sunderland masterplan, transforming the former Vaux Brewery site into a vibrant, future‑ready urban community. With Paragon and HGP’s support, igloo is delivering 34 new and much needed city centre homes, arranged across two carefully planned phases, each designed to create a new benchmark for sustainable and contemporary urban living.”
Michelle Williams, project manager at igloo, added: “Paragon has shown a clear understanding of and support for our approach and ambitions, and the team’s support – particularly with its Green Homes Initiative – enables us to move confidently into delivery at this important site.”
Mike Murphy, investment director at HGP, said: “Riverside Sunderland is the third investment through our strategic partnership with PFP-igloo, which is targeting the delivery of over 1,200 highly sustainable, eco-friendly homes across the UK’s regional cities. This development will create a real sense of place within Sunderland with striking designs and deliver much needed high sustainable homes within the city centre.”
Toby Burgess, relationship director at Paragon Development Finance, added: “We are pleased to be supporting igloo once again following the success of Dundashill and to play a role in the delivery of Riverside Sunderland. This is a well‑considered scheme with strong sustainability credentials, delivered by a developer with a proven track record in complex urban regeneration. The structure of the facility has been tailored to support the phased delivery of the homes and we look forward to continuing our relationship with the igloo team as the development progresses.”
