City & Country’s Manningtree Park development in Essex has secured financial support, which will help the developer bring forward 68 homes within the first phase of the scheme.
Paragon Bank’s development finance arm has provided a £25m revolving facility.
The scheme’s initial phase includes 87 homes, 19 of which have already been sold at the point of refinance. Overall, Manningtree Park has planning permission for 485 homes, which will be delivered in phases over the coming years.
The neighbourhood sits in small town of Manningtree and consists of one- and two-bedroom flats and one- to five-bedroom terraced, semi-detached and detached houses.
James Helmore, relationship director at Paragon’s development finance team, said: “We have worked with City & Country on various schemes over the years and are delighted to continue our long-standing relationship with them.”
Paragon has previously supported City & Country’s schemes including the King Edward VII Estate in Midhurst, the General in Bristol and Sanderling Reach in Mersea.
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