Paragon Bank’s development finance division has provided a £25m revolving facility to refinance the first phase of City & Country’s Manningtree Park development, in Essex.
The bank has refinanced phase one of City & Country’s Manningtree Park scheme. The scheme’s initial phase includes 87 units and Paragon will help to deliver the remaining 68 units, with 19 units already sold at the point of refinance.
The scheme is located in the small town of Manningtree and consists of one and two-bedroom flats and one to five-bedroom terraced, semi-detached and detached homes. Manningtree Park has planning permission for 485 new homes in total, and these homes will be delivered in phases over the coming years.
City & Country is a heritage and new homes developer, headquartered in Stansted. This is Paragon’s latest deal with City & Country, having previously supported schemes including the King Edward VII Estate in Midhurst, The General in Bristol and Sanderling Reach in Mersea.
This deal was led by relationship director James Helmore with support from portfolio manager Megan Andreou.
Wayne Douglas, managing director of City & Country, said: “Our working partnership with Paragon Bank has gone from strength to strength since we began working together. This financial investment into our operations has meant, we have been able to deliver high-quality housing across the UK, support local communities, facilitate job creation and social value to the area as well as create sustainable environments, where people live, work and thrive.
“We are looking forward to continuing our relationship with Paragon over the coming years to support our housing targets and ambitious growth plans.”
Helmore added: “It has been a pleasure to work with the City & Country team again and we are delighted to be involved in this landmark development in Manningtree. We have worked with City & Country on various schemes over the years and are delighted to continue our long-standing relationship with them.”
