Paragon Development Finance has provided an £11.7m facility to support the delivery of 79 new homes in Gainford, County Durham.
The 30-month development finance facility has enabled Wharfedale Homes to acquire the site at Spa Road, where it will build a mix of properties ranging from one-bedroom apartments to four-bedroom detached houses.
The scheme has an anticipated gross development value (GDV) of approximately £24.3m and marks the fourth North East development Paragon has funded for Wharfedale Homes.
Nigel Jackson, senior relationship director at Paragon Development Finance, led the deal with support from senior portfolio manager Shannon Altimas.
86% OF HOMES TARGET EPC A
Originally designed by architect Ben Pentreath, the development combines traditional architecture with energy-efficient technology.
Each property will have its own design, while sustainability measures across the development will include ground source heat pumps and electric vehicle charging points.
Around 86% of the homes are expected to achieve an EPC A rating, meaning the development is anticipated to qualify for Paragon Development Finance’s Green Homes Initiative.
The lender increased the fund available through the initiative to £300m last year to support SME housebuilders developing energy-efficient homes.
Located approximately eight miles from Darlington, the Gainford development is aimed at a mix of buyers including families, commuters and older homeowners looking to move into smaller, more energy-efficient properties.
Michael Brown, director at Wharfedale Homes, says: “This development represents an exciting opportunity to deliver a high-quality mix of homes in one of the most desirable villages in the area. Gainford continues to attract strong demand from families, professionals and downsizers looking for well-connected locations that offer a strong sense of community.
“Our relationship with Paragon has been built over a number of successful projects, and their continued support demonstrates both their understanding of our business and their confidence in the homes we deliver.”
FOURTH WHARFEDALE DEVELOPMENT
Jackson says: “We are pleased to be supporting Wharfedale Homes once again as they bring forward this latest development in Gainford.
“Having worked together across a number of projects, we have developed a strong understanding of the business, its approach to placemaking and ability to deliver high-quality homes in attractive regional locations.
“The scheme is well positioned to meet demand from a broad range of buyers, while its sustainability credentials reflect the growing importance of energy efficiency within the new-build housing market.”
Paragon Development Finance has financed the delivery of more than 13,000 homes since 2018 and provides funding to SME developers operating across residential development, build-to-rent, student accommodation and specialist living.
