Paragon Development Finance provides £11.7m facility to support Wharfedale scheme
The 30-month facility enabled Wharfedale Homes to acquire the Spa Road site and will fund the delivery of 79 homes.
Paragon Development Finance has provided an £11.7m facility to support Wharfedale Homes’ residential scheme in Gainford, County Durham.
The 30-month facility enabled Wharfedale Homes to acquire the Spa Road site and will fund the delivery of 79 homes.
The scheme will include one-bedroom apartments and houses of up to four bedrooms.
It has an expected gross development value of about £24.3m.
Each home will include energy-efficient features such as ground-source heat pumps and electric vehicle charging points.
Around 86% of the homes are expected to achieve an energy performance certificate (EPC) A rating, which would allow the scheme to qualify for Paragon Development Finance’s Green Homes Initiative.
The deal was led by Nigel Jackson, senior relationship director at Paragon Development Finance, with support from Shannon Altimas, senior portfolio manager.
It marked the fourth North East development funded by Paragon for Wharfedale Homes.
The mix of apartments and houses is aimed at families, commuters and older homeowners looking to downsize.
Jackson said: “We are pleased to be supporting Wharfedale Homes once again as they bring forward this latest development in Gainford.
“Having worked together across a number of projects, we have developed a strong understanding of the business, its approach to placemaking and ability to deliver high-quality homes in attractive regional locations.
“The scheme is well positioned to meet demand from a broad range of buyers, while its sustainability credentials reflect the growing importance of energy efficiency within the new-build housing market.”
Michael Brown, director at Wharfedale Homes, said: “This development represents an exciting opportunity to deliver a high-quality mix of homes in one of the most desirable villages in the area.
“Gainford continues to attract strong demand from families, professionals and downsizers looking for well-connected locations that offer a strong sense of community.
“Our relationship with Paragon has been built over a number of successful projects, and their continued support demonstrates both their understanding of our business and their confidence in the homes we deliver.”
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