Paragon Bank’s development finance division has provided a £5.4 million finance package for the Elan Apartments development portion of Inland Homes’ Cheshunt Lakeside scheme.
The deal was led by senior relationship director Simon Dekker, with support from senior portfolio manager Craig Seaborne and junior portfolio manager Izzy Sargeant.
The Elan Apartments consist of 22 one and two-bedroom flats, in Cheshunt in Hertfordshire – ranging in size to suit a mix of residents, as well as ground-floor commercial space.
Though being only under 30 minutes from Central London, the Elan Apartments are close to 10,000 acres of parkland and lakes and is conveniently opposite Cheshunt train station.
The new development forms part of the broader Cheshunt Lakeside scheme, which includes a significant number of new housing developments, community outlets, commercial spaces and parks, in addition to a new nursery and primary school.
Dekker said: “I am delighted that Paragon supported Inland Homes’ joint venture in this exciting regeneration project in Cheshunt in Hertfordshire.
“The location of the Elan Apartments provides the best of both worlds, with countryside and city living. We have built a great relationship with the team at Inland Homes and we look forward to seeing more of this important project come to life.”
Nish Malde, group finance director at Inland Homes, added: “We are delighted that our joint venture interest has completed the sale of the first 22 homes offered for private sale within this development.
“The location of Cheshunt Lakeside – less than a five-minute walk from the mainline train station, ten minutes from the M25 and within close proximity to Lee Valley Regional Park – makes it a highly desirable and attractive proposition to buyers in an area of exceptionally high demand for quality housing and little comparable available stock.
“Paragon met our needs and understood our commitment to delivering high-quality homes within the exciting Cheshunt Lakeside scheme. Simon and the team were fantastic to work with, we appreciate their enthusiasm, hard work and attention to the finer details.”