Funding secured for historic site apartment project

Funding worth £11.9m has been secured to support the development of almost 260 apartments on a historic site in Derby.Elevate Property Group has received the finance facility from Paragon Bank’s Development Finance division for The Silk Yard, a 258-unit development.Located on the corner of John Street and Castleward Boulevard, the building consists of a selection of studio, one-, two- and three-bed apartments, with more than 35 per cent already reserved.The Silk Yard, which is positioned between the city centre and the railway station, will be built across three phases, with construction expected to be complete within two years. It is hoped to usher in new life at the historic site, which has been home to manufacturing for the past 200 years.The 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 Corstorphine & Wright and is being built by Bode Contracting, is the first time Elevate Property Group has developed in Derby.