The project, known as Chapman’s Yard, is being delivered by Elevate Property Group — the site is located on Upper Gough Street and has full planning permission for a mix of one- and two-bedroom apartments and street level duplexes, all sharing two communal courtyards.

This is Paragon’s seventh deal with Elevate; previous schemes include The Silk Yard in Derby and Trent Bridge Quays in Nottingham.

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Toby Burgess, relationship director at Paragon Development Finance, said: “We are delighted to support Elevate Property Group with this exciting scheme, which will provide much-needed new homes in a prime location in Birmingham. 

“Chapman’s Yard is a great example of how we can tailor our finance solutions to meet the specific needs of each project, and we look forward to seeing the progress on site.”

James Costello, managing director of Elevate Property Group, said: “We are incredibly pleased to have secured the funding from Paragon Bank for this major regeneration project, which will create 111 new homes in the heart of Birmingham.

“We have a long-standing relationship with Paragon, who have been supportive and flexible throughout the process.”