The PG Group secures £7.4m Paragon Bank finance for Bristol apartments scheme

By Bridging Loan Directory 12th July 2023

Paragon Bank’s Development Finance division has provided a £7.4m finance package to support the development of 34 apartments by The PG Group in Redcross Mews, Bristol.

The Redcross Mews development consists of 34 one, two and three-bedroom flats, five of which will be shared ownership. Construction is set to complete in Summer 2024.

The PG Group has been operating in the Bristol area for over 20 years and has a first-rate track record of carefully designed developments to enhance the local environment and benefit the wider community.

As part of Paragon’s Green Homes Initiative, the firm aims to achieve an EPC A rating across the project by including solar panels on the roof, communal air source heat pumps and mechanical ventilation with a heat recovery system.

Paragon’s Green Homes Initiative aims to support SME housebuilders developing new domestic properties with the highest energy performance standards.

Under the scheme, developers delivering homes with an Energy Performance Certificate rating of A will receive a 50% reduction on loan exit fees.

The new development is located in Bristol’s popular and vibrant Old Market, between Redcross Street and Old Market Street, and minutes away from restaurants, bars, shops and parks.

This is Paragon’s second funding deal with The PG Group, following a previous agreement for the development of a seafront apartment scheme in Weston-Super-Mare.

The deal was led by Relationship Director Toby Burgess, with support from Portfolio Manager Joshua Mann.

Commenting on the financing from Paragon, Dave Gray, The PG Group Chief Operations Officer, said:

“We are delighted to secure financing from Paragon for our new development, Redcross Mews.

The new build is situated in such a vibrant part of the city and we’re proud to deliver high-quality apartments in a sustainable and responsible way.

Through our collaborations with Paragon, we’ve built a great relationship with Toby and the team”

Toby Burgess, Paragon Bank Development Finance Relationship Manager, said:

“The apartments at Redcross Mews will be a fantastic addition to Bristol.

We’re delighted to work with The PG Group again and our financing will support the firm in providing 34 apartments with a strong EPC rating.

The team here at Paragon is looking forward to seeing the completed project in Summer 2024.”