Funding has been secured for the development of 44 new apartments in Taunton, Somerset.
Acorn Homes has received a £5.9m finance facility from Paragon Bank's Development Finance division to develop the Firepool scheme, which is located on the Firepool Lock regeneration site.
The development consists of 21 one-bed, 17 two-bed and six three-bed development of new residential properties. Work has already commenced and the scheme is expected to be complete by the end of 2024.
This Paragon's second funding deal with the South West-based housebuilder, and was led by relationships director Adrian Reeve and portfolio manager Jess Pilkington.
Read more: Plans unveiled for former Bristol city centre Debenhams site
Firepool Lock is a multimillion-pound redevelopment programme for the riverside town centre area. The area had been underutilised and vacant for over a decade.
The regeneration plan includes the development of new residential properties, retail establishments, a cinema, and parking facilities.
'Project Taunton,' led by the Taunton Deane Council, emerged as one of the most extensive mixed-use masterplan regeneration schemes in the apartments, generating over 1,800 job opportunities.
Acorn Homes founder Mark Thomas said: “We are excited to bring this new development to market, helping to regenerate the Firepool area of central Taunton. These apartments will provide fantastic homes and we can’t wait to complete the development.
“Paragon has been a supportive and responsive funding partner. We were impressed with the team led by Adrian Reeves, Paragon understands what developers need, the challenges they face and the support they require.”
Mr Reeves added: “Acorn Homes understands the South West market and has built a fantastic reputation for high-quality developments over the past 20 years. This latest scheme will be an exciting addition and we are pleased to have been able to support Mark and his team.”
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