Paragon Development Finance has provided Acorn Property Group with a £10 million finance facility utilising its Green Homes Initiative.
The finance will assist with the development of the second phase of ‘Cubis Bruton’, a 56-home newbuild scheme in Bruton, Somerset, that is being developed with sustainability and energy efficiency at its core.
The second phase, Longcroft at Cubis Bruton, consists of 28 contemporary three and four-bedroom homes, each designed to be highly sustainable and suit modern living.
Paragon’s Green Homes Initiative aims to support SME housebuilders developing new domestic properties with the highest energy performance standards. Under the scheme, developers delivering homes with an Energy Performance Certificate rating of A will receive a 50% reduction on loan exit fees.
The deal was led on behalf of Paragon Development Finance by senior relationship director Nigel Jackson with support from senior portfolio manager James Helmore.
Melanie Omirou, managing director of Acorn Property Group, said: “We are very proud of this unique development, which combines leading design with efficient construction techniques to maximise the sustainability of the scheme.
“We pride ourselves on each Acorn development being individually and intelligently designed and built to the highest quality – our vision is to ensure that everything we do has a positive impact and contribution to the local surroundings, creating a true sense of place and an inclusive community where residents and nature can grow and flourish long after we complete our role in the building of the scheme.”
Jackson added: “We’re delighted to have completed another deal utilising our Green Homes Initiative. Cubis Bruton is truly unique and offers residents something different. The first phase of the scheme sold well and we are confident the second phase will prove just as popular.”