Acorn Homes has secured a £5.9 million finance facility from Paragon Bank’s development finance division to support the development of 44 new apartments in Taunton, Somerset.

The Firepool scheme is located on the Firepool Lock regeneration site and consists of 21 one-bed, 17 two-bed and six three-bed apartments.

Work has commenced on the development and the scheme is expected to be complete by the end of 2024.

This is Paragon’s second funding deal with Acorn Homes. The deal was led by relationship director Adrian Reeves with support from portfolio manager Jess Pilkington.

Acorn Homes was founded by Mark Thomas in 2003 and specialises in residential schemes across the South West of England. The company is headquartered in Taunton.

Firepool Lock is a multimillion-pound redevelopment programme for the riverside town centre area. For over a decade, the Firepool area had remained underutilised and vacant. The regeneration plan includes the development of new residential properties, retail establishments, a cinema, and parking facilities.

Thomas said: “We are excited to bring this new development to market, helping to regenerate the Firepool area of central Taunton. These apartments will provide fantastic homes and we can’t wait to complete the development.

“Paragon has been a supportive and responsive funding partner. We were impressed with the team led by Adrian Reeves, Paragon understands what developers need, the challenges they face and the support they require.”

Reeves added: “Acorn Homes understands the South West market and has built a fantastic reputation for high-quality developments over the past 20 years. This latest scheme will be an exciting addition and we are pleased to have been able to support Mark and his team.”