Arc & Co. has arranged a £10.36m development finance facility with Paragon Bank to support a regional developer delivering 53 new apartments in Birmingham’s Jewellery Quarter.
Construction on the scheme is already underway, with phased sales planned over the 30-month programme.
The funding structure was designed to offer flexibility throughout the build and disposal period.
Paragon was selected following a competitive tender run by Arc & Co., chosen for pricing, reliability and its local development finance expertise.
Tom Berry (pictured), director at Arc & Co., said: “We are pleased to have delivered a cost-efficient and robust funding structure for our client through Paragon Development Finance.
“Our tender process ensured the client secured not only the most competitive commercial terms, but also a lender aligned with the pace and ambitions of the scheme.
“Adrian and Lilly at Paragon supported the transaction seamlessly, providing excellent service throughout.”
Adrian Reeves, senior relationship director at Paragon Development Finance, added: “We’re delighted to support the successful completion of this facility for a highly experienced client and equally pleased to be establishing a new relationship with them.
“The project is further strengthened by its location in Birmingham’s Jewellery Quarter—a highly desirable area for buyers and renters—situated just a few miles from Paragon’s headquarters.”
