The facility marks Paragon’s third deal with the SME developer Beechcroft.

The deal, which was led by Oliver Powlesland, senior relationship director at Paragon Development Finance, with support from Amanda White, will support the acquisition of the former Grey House School site in Mount Pleasant for the development of 35 homes designed specifically for the over 55’s market.

The development will comprise 31 two-bedroom apartments and four terraced houses.

The majority of homes will feature private outdoor space in the form of a garden, terrace or balcony, with lifts providing access to all apartment floors.

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Construction is due to commence in summer 2026, with the first homes expected to be released to the market in the summer next year.

Chris Thompson, managing director at Beechcroft, commented: “This is our third deal with Paragon, and we're pleased to be continuing a strong and collaborative partnership.

“The team's understanding of our business, combined with their pragmatic and supportive approach, has been invaluable in helping us bring another exciting scheme forward.”

Oliver said: “We're delighted to be supporting Beechcroft on this latest transaction.

“Our expanding partnership is built on a shared ambition to deliver well-designed homes that meet evolving housing needs, and we look forward to seeing this scheme come to life.”