Paragon Bank lends £11.9m to Elevate Property Group for Derby residential scheme

Elevate Property Group has secured an £11.9m facility from Paragon Bank’s development finance division for the development of The Silk Yard, a 258-strong apartment scheme in the centre of Derby.

The 22-month loan will support the delivery of the scheme, which will be located on a historic site on the corner of John Street and Castleward Boulevard, between the city centre and Derby railway station.

The Silk Yard will be built across three phases, with construction expected to be complete within two years.

It will comprise a selection of studios, as well as one-, two- and three-bed apartments, 35% of which have already been reserved.

The flats were designed by architects Corstorphine & Wright and are being built by Bode Contracting.

This is the first scheme Elevate has developed in Derby.

The Silk Yard deal — the sixth collaboration between Paragon and Elevate was led on behalf of Paragon by relationship director Toby Burgess with support from portfolio manager Joshua Mann.

Steve Dodd, CEO at Elevate, commented: “The Silk Yard is in the prime DE1 area of the city and offers a collection of high quality, contemporary apartments — all are spacious, light-filled homes, built for a new generation of living and are ideal for young professionals, commuters, downsizers, and investors.

Read the full article in Development Finance Today