Elevate Property Group has secured a £21.1m funding facility from Paragon Bank.
The new finance will be used to bring forward the second phase of the group’s Silk Yard development on Liversage Street, Derby.
The second phase of the scheme will comprise 164 studio, one, two, and three-bedroom flats.
It is the second round of funding from Paragon for the scheme, having provided £11.9m for the 94-flat first phase, and the eighth deal in total with the developer.
Phase one is scheduled to complete this summer, with phase two scheduled for completion in 2025.
More than 60% of the flats in phase one have been pre-sold.
The scheme, the redevelopment of a silk manufacturing plant, will deliver a total of 258 homes once complete.
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