Paragon completes deal with £5.8m funding for Northfield housing development
Midlands-based property developer, Piper Homes, has secured a £5.8 million funding package from Paragon Development Finance to assist with the development of 28 new homes in Northfield, Birmingham.
The funding will support the acquisition of the site at Sheldon Drive and the subsequent development of two, three and four-bedroom homes.
The development is close to Longbridge Village, which boasts several leading retail brands and food outlets, and benefits from great transport links via Longbridge station and is close to the nearby motorway network.
The deal was led on behalf of Paragon by Senior Relationship Director Nigel Jackson, with support from Senior Portfolio Manager James Helmore.
It is Paragon’s fourteenth deal with Piper Homes in the past five years. Other recently completed transactions include 115 homes in Pickford Green, Coventry, 58 houses in Mansfield and 47 units in Ravenshead, Nottinghamshire. In total, Paragon has provided £74.3m of facilities to Piper Homes, delivering 413 new homes with a GDV of £126.8m.
Privately owned and family run, Piper Homes has established an excellent reputation for developing homes across the Midlands. Headquartered in Solihull, the firm has built over 1,000 homes in the region over the past 20 years.
Rupert Parkin, Director at Piper Homes, said: “We’re pleased to have closed this latest funding package with Paragon, which will aid the delivery of 28 new homes in the Northfield area. This popular Birmingham suburb is seeing a lot of investment and benefits from excellent transport links into the city as well as proximity to green areas.”
He added: “Paragon has been a consistent supporter of Piper Homes and we have developed a great relationship with Nigel and James over the last few years. It’s a bank that fully understands the requirements of our business, how we operate and what we are trying to achieve.”
Paragon’s Nigel Jackson said: “We’re delighted to be supporting Piper Homes’ latest development in Northfield. They deliver high quality homes in sought after locations and expertly manage the whole development process. We are pleased to have supported the company and its growth over the past five years and look forward to continuing to work with them going forward.”