Funding secured for apartments scheme

The developer behind a major new apartments complex in Derby has secured funding work almost £12 million to support the project.

Elevate Property Group has received the £11.9 million finance facility from Paragon Bank’s Development Finance division for The Silk Yard, a 258-unit development.

Located on the corner of John Street and Castleward Boulevard, the building consists of a selection of studio, one-, two- and three-bed apartments, with more than 35% already reserved.

The £50 million development, which is sited between the city centre and the railway station, will be built across three phases, with construction expected to be complete within two years.

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

Steve Dodd, chief executive of Elevate Property Group, said: “The Silk Yard is in the prime DE1 area of the city and offers a collection of high-quality, contemporary apartments.

“Paragon shared our vision for the development, took the time and care to understand our requirements, and delivered an ideal financing facility that will bring ideal properties to Derby city centre.”