Aitch Group secures £24m Paragon funding for Bethnal Green Empress Works development
Paragon Bank has provided a £24.3m funding package to property developer Aitch Group to fund the completion of Empress Works, a mixed-used development in Bethnal Green, London.
The Empress Works development comprises 58 residential units and a 6,990-foot ground floor commercial space.
The funding from Paragon’s specialist development finance team has enabled the refinance of the partially completed scheme, ensuring that the competition date of March 2021 remains on track.
This is the second development by Aitch Group supported by Paragon; the bank previously provided a funding package of over £34m to assist with the development of 103 residential units in Hackney Wick.
Henry Smith, CEO of Aitch Group, said: “This funding package enables the company to meet its goal of finalising the project by March next year, despite the challenges created by coronavirus.
“Paragon’s development finance team was excellent, working tirelessly and with true commerciality to arrange and complete the refinance for the Empress Works scheme in a timely manner.”
Nigel Jackson, relationship director at Paragon, said: “I have had a relationship with Aitch Group for over 20 years, so it is great to be able to support them again with funding for this scheme in Bethnal Green.
“During the recent difficult times, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients.”