The facility, agreed on a 24-month term, will support the acquisition of the site on Legge Lane and the subsequent development of 100 one- and two-bedroom apartments placed within seven interconnected buildings.
The Scholar’s Quarter scheme, which is located next to Kings Crescent Homes’ Copperworks development, is expected to be completed in 2023.
The deal was led on behalf of Paragon by relationship director Rebecca Murphy and portfolio manager Josh Pedder, while Knight Frank, Thomson Snell LLP & Passmore, and Pride Consulting IMS acted as advisers.
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Nick Harvey-Jones, co-founder and director at Kings Crescent Homes, said: “With phase one of the Copperworks completing in early 2022 and already 80% sold, we’re excited to start work on the Scholar’s Quarter scheme, which we’re confident will be equally as popular.
“Scholar’s will showcase a design full of wonderful quirks that the Jewellery Quarter is famous for, in what we believe is the most desirable place to live in Birmingham.”
“The team at Paragon Development Finance were, once again, supportive and fully understood our requirements; they are straightforward to deal with and deliver what they say they will deliver.”
Rebecca added: “Kings Crescent Homes is building an excellent reputation for delivering high-quality projects that are perfectly suited to their target demographic.
“The Jewellery Quarter is a treasured area of Birmingham and within a conservation zone.
“Developments need to be sympathetic to the history of the area and this scheme certainly delivers.”