The 29-month facility will support the development of the Hartford Point scheme, which will deliver 75 one- and two-bedroom flats.

The scheme — located next to Burnham Crossrail station — will also include a large communal roof terrace of over 2,500 sq ft with seating areas and an outdoor gym, as well as 60 undercroft car parking spaces at ground floor level.

Construction has commenced on the scheme and is expected to be completed in the third quarter of 2023.

The financing was led on behalf of Paragon by relationship director Toby Burgess and portfolio manager Joshua Mann, with Thomson Snell & Passmore, BNP Paribas and MDA Consulting acting as advisers.

•   Property investors face 'huge risk' of stranded assets if they fail to decarbonise
•   Farleigh secures £4.5m loan from Paragon for Reading development
•   Paragon lends £25.5m to support Watford Riverwell scheme

Sean Bates, managing director at Feltham Properties, said: “We are thrilled to be bringing forward this exciting and progressive scheme in the heart of the Thames Valley, immediately adjacent to Slough Estates and Crossrail.

“Toby and the team at Paragon have been supportive throughout; we enjoy a good relationship with Paragon, as it truly understands what we require.”

Toby added: “Feltham Properties is a hugely experienced and well-regarded developer and contractor, which we are delighted to be supporting. 

“Hartford Point will provide 75 high-quality apartments, well located within easy reach of Reading and London thanks to Crossrail. 

“We look forward to working with Sean and his team as the project comes to life.”