Acorn Property Group secures £10m Paragon Green Finance for Somerset scheme
Acorn Property Group has secured a £10 million finance facility utilising Paragon Development Finance’s Green Homes Initiative to support its newbuild scheme in Bruton, Somerset.
The finance will assist with the development of the second phase of ‘Cubis Bruton’, a 56-home scheme that is being developed with sustainability and energy efficiency at its core. The second phase, Longcroft at Cubis Bruton, consists of 28 contemporary three and four-bedroom homes, each designed to be highly sustainable and suit modern living.
Paragon’s Green Homes Initiative aims to support SME housebuilders developing new domestic properties with the highest energy performance standards. Under the scheme, developers delivering homes with an Energy Performance Certificate rating of A will receive a 50% reduction on loan exit fees.
Situated overlooking Bruton, this innovative and contemporary scheme brings a flexible and dynamic approach to rural living. Designed by Mark Merer, well-known for his land artworks which combine architecture, landscape and sculpture, the collection of houses – detached, semi-detached and terraced – have differing design and internal layouts, with timber cladding and natural stone and some are cantilevered with shady spaces below.
The deal was led on behalf of Paragon Development Finance by Senior Relationship Director Nigel Jackson with support from Senior Portfolio Manager James Helmore.
Melanie Omirou, Managing Director of Acorn Property Group, said: “We pride ourselves on each Acorn development being individually and intelligently designed and built to the highest quality – our vision is to ensure that everything we do has a positive impact and contribution to the local surroundings, creating a true sense of place and an inclusive community where residents and nature can grow and flourish long after we complete our role in the building of the scheme.”
Paragon’s Nigel Jackson said: “We’re delighted to have completed another deal utilising our Green Homes Initiative. Cubis Bruton is truly unique and offers residents something different. The first phase of the scheme sold well and we are confident the second phase will prove just as popular.”