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.
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.’
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.’