Paragon Bank supports GEM Construction with £3m funding facility for Dennings Yard housing development in York

By Bridging Loan Directory 1st April 2025

Paragon Bank’s Development Finance division has supported Yorkshire-based construction company GEM Construction with a £3 million funding facility for Dennings Yard, a nine-house development in York built on the site of a former scrapyard.

Dennings Yard is comprised of three and four-bedroom homes, finished to a high standard and built with sustainable features, including solar panels and electric car charging points.

In addition, the new homes will have private gardens, cycle storage, car parking and communal gardens surrounding the site.

The new development is just one mile away from the bustling city of York and benefits from local amenities, in addition to being close to nearby public transport for quick access to the city centre.

Built on the site of a former scrapyard on Wiggington Road, the scheme will transform a former derelict brownfield site into new homes.

GEM Construction is a Yorkshire-based construction business and property developer. Founded over 25 years ago, the company employs 35 full-time staff including specialists in stonemasonry and joinery.

This deal was led on behalf of Paragon Bank by Karl Kent, Relationship Director, with support from Shannon Altimas, Senior Portfolio Manager.

Mike Green, Chairman at GEM Construction, commented:

“It’s been a pleasure to work with Karl and Paragon Development Finance on Dennings Yard.

The new scheme will transform the derelict site of a former scrapyard into nine new homes in this popular area. We look forward to working with Karl and Paragon in the future.”

Karl Kent, Relationship Director at Paragon Development Finance, added:

“It’s been great to support GEM Construction on this ambitious new project that promises to deliver high-standard homes to the popular city of York.

Since joining Paragon just over a year ago I have worked with multiple developers in Yorkshire to deliver much-needed housing to the area.

For Paragon, it’s our priority to continue supporting schemes in Yorkshire as it becomes increasingly popular with developers and buyers alike.”