A property developer has secured a major cash injection to help it build a new block of apartments in Portishead, Somerset.
Complete Project Development (CPD) will use the £4.9m funding package from Paragon Development Finance to support its new-build scheme, it said.
Based on the fringes of Portishead Marina at Harbour Road, the ARC building will include 26 new flats with one-, two- and three-bedroom homes as well as a penthouse with panoramic views.
Jonathan Turner, CPD director, said: “The ARC benefits from a fantastic location on the fringes of Portishead Marina, ideally located for the marina itself but also the shops, bars and leisure facilities that this burgeoning area has to offer. It is also in easy commuter distance to Bristol and is on the doorstep of the M5.”
The funding was led on behalf of Paragon by relationship director Adrian Reeves, with support from portfolio manager Bonnie McClosky.
Mr Reeves said: “CPD is a growing development company that focuses on high quality. It has a fantastic track record in producing stylish homes that people want to live in and we’re confident the ARC will be just the same.”
Mr Tuner added: “Paragon saw the potential of the scheme immediately and was the perfect finance partner to work with. The process was smooth and enabled us to progress with the scheme with confidence.”
CPD has been involved in various schemes in the South West including the conversion of 25 Portland Square in the city and Orchard House, the conversion of a 1960s apartment block into 54 units.
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