Paragon Development Finance provides £18m funding package for luxury Hove apartment scheme
Paragon Development Finance has provided an £18 million finance package to 239 Kingsway Hove Ltd to support the development of a luxury residential apartment scheme in Hove, Brighton.
The finance has assisted with the acquisition of land and development costs of ‘Argentum’ – 37 two and three-bedroom seafront apartments in a prime location in the popular area of Hove.
The seven-floor building is being developed by 239 Kingsway Hove Ltd, a joint venture between Cayuga Developments and the Housing Growth Partnership. It will be built on the site of three former residential properties, with work due to commence in April 2022 and forecast to be complete by Autumn 2023.
This is the second apartment scheme Cayuga Developments has undertaken on the Hove seafront. Its ‘Aurum’ development consists of 52 apartments and is already 75% sold well ahead of Practical Completion.
The deal was led on behalf of Paragon Development Finance by Senior Relationship Director Steve Mountain, with support from Portfolio Managers Darren Ellis and Jess Pilkington.
Ed Deedman, Director of 239 Kingsway Ltd, said: “Argentum will complement the Aurum scheme perfectly; they have both been designed to be architecturally sympathetic to the local area and will both lift the Hove seafront. We’re excited to commence work on Argentum, which we believe will be as popular with buyers as its sister scheme given that we have successfully begun taking reservations already.
“Steve Mountain and the team at Paragon understood our requirements from the start. They were able to work with us in partnership to deliver important financing for this scheme and deliver what they said they would.”
Steve Mountain added: “We are thrilled to be working with Cayuga again. This development is in a great location, enjoying stunning seafront views but being close to the nightlife, great leisure facilities and renowned restaurants that this city has to offer.
“Brighton and Hove enjoys excellent transport links, so we feel Argentum will be popular with a range of buyers, such as downsizers, professionals and second homeowners.”