Tuesday, October 10, 2023
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Paragon Bank has offered £30m of funding including a £12 million revolving loan facility, to assist in the development of 90 high-quality residential homes in West Sussex.
The funds issued to award-winning Kent-based developer Esquire Developments and development partner on the Arundel Gate scheme, will fund a mix of 63 two, three, four and five-bedroom houses for private sale.
The scheme will also consist of one-bed maisonettes, plus two and three-bed houses for affordable housing.
The development, located off Ford Road in the castle town, will be all-electric, resulting in a development that is carbon efficient, offering over a 50% reduction in carbon emissions through air source heat pumps and a fabric-first approach to the homes themselves.
The development will be constructed on land owned by the Norfolk Estate.
The finance has been provided by Paragon’s Development Finance division and Paragon was advised by lawyers, Thomson, Snell & Passmore, CBRE (as valuer) and Regency Grove (as Project Monitoring Surveyor).
The Arundel Gate development is set to launch sales at the end of 2023, with information to appear on Esquire Development's website in due course.
Need funding to build new homes? Call Trinity Specialist Finance to secure funding on 020 7016 6151 or book a consultation
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