Hill Dickinson advises Paragon Development Finance on £18m funding package for Halsbury Homes residential scheme

Specialist finance provider Paragon Development Finance has provided a significant new loan to fund a high-quality property development scheme by Norfolk developer Halsbury Homes encompassing 81 detached homes in the market town of Loddon.

The funding will enable Halsbury to complete the remainder of the project over the next two years. To date, construction has been carried out in phases of smaller unit numbers but the support from Paragon will mean that the project can be finished earlier than originally expected.

FTSE 250 company Paragon was advised on the transaction by Hill Dickinson partner Jim Garton, senior associate Rebecca Layton and associate Georgia Doyle of the firm’s real estate and banking team.

Commenting on the deal, Jim Garton said: ‘We were delighted to work with the team at Paragon to advise on this transaction with new client Halsbury Homes. The £18 million funding package will help  deliver the St George’s Park development in Loddon, Norfolk which is excellent news  for the residential housing market in Norfolk. We are pleased to congratulate both parties on successful completion of this deal.’

Related:  Hill Dickinson advises Stobart Group on £8.55m acquisition of Stobart Air and Propius

Steve Hallam, senior relationship director at Paragon, said:  ‘We are continuing to support both our existing customers and also new clients such as Halsbury. Our financing will help Halsbury to complete this highly attractive housing development, delivering much needed new homes into the local community. 

‘We were very pleased to work with Jim, Rebecca and Georgia of Hill Dickinson on this complex transaction, who provided excellent support and advice throughout.’

Jim Garton added: ‘Our property team has remained busy despite the current hiatus in the construction market as we continue to support funders and developers in preparing to resume investment and construction activity as soon as the situation allows.’

See More News From:
View all companies covered in the Company A-Z List