Paragon Development Finance has provided a £44.8m facility to Beechcroft to fund an 88-home later living development in Shenley, Hertfordshire.
The funding will support the acquisition and development of the London Road site, which will provide houses and apartments aimed at the over-55s alongside affordable housing.
It represents the fourth development funded by Paragon for Beechcroft, a specialist developer and operator of later living communities.
The site was acquired in June, with construction expected to begin later this year and the first homes scheduled to launch in late 2027.
FOURTH BEECHCROFT DEAL
The Shenley development will include a mixture of houses and apartments, with facilities including a communal lounge, guest suite and an estate manager.
Sustainability measures will include air source heat pumps and electric vehicle charging points, while landscaped communal gardens and new habitat features are intended to increase biodiversity.
Paragon says demographic trends are supporting demand for specialist later living housing in the area, with Office for National Statistics data showing more than 216,000 people aged 65 and over live in Hertfordshire.
Chris Thompson, managing director at Beechcroft, says: “Our vision for Shenley is to create a community of thoughtfully designed homes that complement the character of the village. The scheme has been carefully planned to make the most of its surroundings, combining attractive architecture, green space and a strong sense of place.
“Shenley offers the best of both worlds with a charming village environment within easy reach of London and other major centres. We believe this unique combination, together with the quality of the homes, will make the development an appealing choice for buyers.
“We are pleased to be extending our relationship with Paragon Development Finance once again through this latest project. The team’s understanding of the specialist housing sector and consistent support throughout the funding process has provided a strong platform for the delivery of another important development.”
‘SPECIALIST RESIDENTIAL SCHEMES AT SCALE’
Oliver Powlesland, senior relationship director at Paragon Development Finance, says: “Shenley is a well-established and highly desirable location, with a rich sense of local character.
“Developments that combine high-quality design with an attractive setting continue to see strong demand, particularly among buyers seeking homes that are better suited to their changing lifestyles.
“This facility highlights our expertise in supporting experienced developers to deliver specialist residential schemes at scale in an evolving and diverse market. We are pleased to be assisting Beechcroft with another landmark project.”
