Developer lands £12m funding deal for city centre scheme

Elevate Property Group has landed an £11.9m finance deak from Paragon Bank’s Development Finance division for the development its Silk Yard, a 258-strong apartment scheme in the centre of Derby.The building consists of a selection of studio, one, two and three-bed apartments and is already proving popular with over 35% reserved. The Silk Yard will be built across three phases, with construction expected to be complete within two years.The Silk Yard deal was led on behalf of Paragon by relationship director Toby Burgess, with support from portfolio manager Joshua Mann, and marks the sixth collaboration between Paragon and Elevate.Steve Dodd, chief executive of Elevate Property Group, said: “The Silk Yard is in the prime DE1 area of the city and offers a collection of high quality, contemporary apartments.“All are spacious, light-filled homes, built for a new generation of living and are ideal for young professionals, commuters, downsizers, and investors.“It has been a pleasure to work with Toby Burgess, Joshua Mann and the Paragon Development Finance team on these fantastic properties. Paragon shared our vision for the development, took the time and care to understand our requirements, and delivered an ideal financing facility that will bring ideal properties to Derby city centre.”Burgess added: “The Silk Yard is an innovative development that ideally reflects our passion for supporting bespoke developments in ideal locations – and I’m delighted to have worked closely with Elevate to make this development a reality.“As a part of the FTSE250 Paragon Banking Group, Paragon Development Finance is ready to support developers throughout the UK in responding to the growing demand for high-quality homes that meet today’s needs. I look forward to following The Silk Yard’s success and seeing the benefit our partnership with Elevate will bring to Derby.”The £50m Silk Yard development, which has been designed by architects Corstorphine & Wright and is being built by Bode Contracting, is the first time Elevate Property Group has developed in Derby.