The finance will assist with the phase one development of 37 one and two-bed apartments and 28 two to five-bed houses.
Acorn Property Group has secured a £23.2m finance package from Paragon Development Finance to support the development of its St Leonards Quarter scheme in Exeter.
The finance will assist with the phase one development of 37 one and two-bed apartments and 28 two to five-bed houses.
Acorn Property Group acquired the site from the Exeter Royal Academy for Deaf Education in 2018.
The phase one development is expected to be complete by Summer 2023.
The funding represents Paragon Development Finance’s eleventh project with Acorn.
The deal was led on behalf of the bank by relationship director Nigel Jackson, with support from senior portfolio manager James Helmore.
Melanie Omirou, executive group managing director and funding director of Acorn Property Group, said: “This is an opportunity to provide much-needed high quality houses and apartments along with public open space and affordable housing within easy reach of Exeter city centre.
“We have worked with Paragon for a number of years and enjoy a strong relationship with the team. They fully understand the requirements of our business and also have a deep understanding of the market in the South West of England.”
Jackson added: “We are delighted to be working with Acorn again on their latest scheme in the south west.
"Exeter is a thriving city with an excellent university, thriving nightlife and natural beauty.
"It has become a hot destination for people to live, work and study and we expect these much-needed new homes to be popular with buyers.”
