Funding package to support luxury apartment scheme

Cornwall-based Stephens + Stephens has secured a £16.6m funding package to support a development of 74 luxury apartments on the site of the Fistral Bay Hotel in Newquay.The funding package from Paragon Development Finance has supported the acquisition of the site and will assist with the development costs of the scheme.Fistral Bay Hotel, which opened in 1910, last closed its doors 15 years ago and had fallen into a state of disrepair.After demolishing the hotel, Stephens + Stephens aims to complete the five-storey development by the end of 2022. It will include nine penthouses and 65 one-, two- and three-bed apartments, as well as underground parking for all apartments with lift access to each floor, and space for a wine bar and café-deli on the ground floor.Stephens + Stephens was founded by husband and wife team Helen and Paul Stephens and specialises in new builds and refurbishments across Cornwall and the South West.It is the fifth Stephens + Stephens’ project Paragon Development Finance has supported. The deal was led on behalf of Paragon by relationship director Oliver Thompson.Advisers on the deal include Catherine Linsell of Thomas Snell & Passmore, Ed Smith of Lambert Smith Hampton and Rebecca Cumming of Naismiths.