Kings Crescent Homes secures £16.5m Paragon funding
Kings Crescent Homes has secured a £16.5m finance package from Paragon Development Finance to support a scheme in Birmingham’s Jewellery Quarter.
The funding will support the acquisition of the site on Legge Lane and the subsequent development of 100 one and two-bedroom apartments.
Named Scholar’s Quarter, it is located next to Kings Crescent Homes’ Copperworks development, with phase one on that site due to complete in the first half of 2022.
The 100 residential units will be located within seven interconnected buildings.
Work will commence imminently and is expected to be completed in 2023.
The deal was led on behalf of Paragon by relationship director Rebecca Murphy and portfolio manager Josh Pedder.
Advisers on the deal included Knight Frank, Thomson Snell LLP & Passmore, and Pride Consulting IMS.
Nick Harvey-Jones, director and co-founder of Kings Crescent Homes, said: “2022 is an exciting year for Birmingham, especially as it hosts the Commonwealth Games.
“Generally, there’s a real buzz about the city due to the massive ongoing infrastructure developments connecting it quicker to London and other major northern cities, and of course the big regeneration projects, such as Paradise Circus, close to the site and completing in the next few years.
“With phase one of the Copperworks completing in early 2022, and already 80% sold, we’re excited to start work on the Scholar’s Quarter scheme, which we’re confident will be equally as popular.
“Scholar’s will showcase a design full of wonderful quirks that the Jewellery Quarter is famous for, in what we believe is the most desirable place to live in Birmingham.”
“The team at Paragon Development Finance were, once again, supportive and fully understood our requirements. They are straightforward to deal with and deliver what they say they will deliver.”
Murphy added: “Kings Crescent Homes is building an excellent reputation for delivering high quality projects that are perfectly suited to their target demographic.
“The Jewellery Quarter is a treasured area of Birmingham and within a conservation zone. Developments need to be sympathetic to the history of the area and this scheme certainly delivers.”