A regional developer has secured funding for a new 53-home scheme in Birmingham’s historic Jewellery Quarter.
Arc & Co. has arranged a £10.36 million development loan with Paragon Bank’s development finance division to support the delivery of a new residential project in one of Birmingham’s most sought-after neighbourhoods.
The scheme, which comprises fifty-three apartments, will be built in the Jewellery Quarter, an area long regarded for its heritage character, independent businesses and close proximity to the Colmore business district.
Its combination of historic appeal and strong transport links has continued to attract both buyers and investors, with demand for premium city-centre homes remaining robust.
The unnamed developer has established a consistent track record across Birmingham and the wider region, having delivered several residential schemes over recent years. Construction is already under way, with phased sales planned across the thirty-month programme.
The facility has been structured to offer flexibility during both the build phase and subsequent sales cycle.
Arc & Co. ran a competitive tender process before selecting Solihull-based Paragon for the mandate, citing the bank’s pricing, reliability and specialist sector knowledge.
FUNDING STRUCTURE
The development finance facility totals £10.36 million over a 30-month term. Paragon’s development finance team, which operates from its headquarters a few miles from the site, will work with the borrower throughout the programme as the scheme progresses towards completion and sales.
Tom Berry, director at Arc & Co., said: “We are pleased to have delivered a cost-efficient and robust funding structure for our client through Paragon Development Finance.
“Our tender process ensured the client secured not only the most competitive commercial terms, but also a lender aligned with the pace and ambitions of the scheme.
“Adrian and Lilly at Paragon supported the transaction seamlessly, providing excellent service throughout.”
Adrian Reeves, senior relationship director at Paragon Development Finance, commented: “We’re delighted to support the successful completion of this facility for a highly experienced client and equally pleased to be establishing a new relationship with them.
“The project is further strengthened by its location in Birmingham’s Jewellery Quarter — a highly desirable area for buyers and renters — situated just a few miles from Paragon’s headquarters.”
The development will contribute to the continued regeneration of the Jewellery Quarter, which has seen sustained residential growth as demand for high-quality urban homes in Birmingham strengthens. Arc & Co. and Paragon Bank have completed a £10.36m development finance facility to support a 53-home residential scheme in Birmingham’s Jewellery Quarter, with construction already under way.
