Paragon Development Finance has provided a £5.32m facility to support Kelham Exchange, a mixed-use development comprising 43 apartments and four commercial units on Acorn Street in Sheffield’s Kelham Island district.
A scheme rooted in local expertise
The 22-month facility supports Catherall Developments Ltd, a South Yorkshire and Derbyshire-based developer and contractor with more than 18 years’ experience delivering residential projects in Kelham Island.
The business, led by Matt Catherall, has completed over £50m of residential property in the area. Paragon is funding the scheme at 65% loan-to-value against a gross development value of £8.248m, and the deal marks the lender’s first transaction with Catherall Developments.
Works are already underway on site. The scheme will deliver 31 one-bedroom and 12 two-bedroom apartments designed for contemporary urban living, targeting demand from residents and investors seeking well-connected city centre accommodation. Kelham Island has evolved from its industrial heritage into one of Sheffield’s most distinctive residential, cultural and leisure destinations.
“Kelham Exchange is a well-located scheme in one of Sheffield’s most distinctive residential neighbourhoods,” said Craig Seaborne, senior portfolio manager at Paragon Development Finance, who led the transaction alongside portfolio manager Anisha Thawrani.
“Kelham Island has seen significant regeneration over recent years and continues to attract demand from residents and investors seeking high-quality, well-connected city living.”
Backing experienced regional developers
Seaborne pointed to Catherall’s local track record as central to the lending decision. “We are pleased to support Catherall Developments Ltd on this project. Matt Catherall and his team have strong experience in the local market, with an established track record of delivering residential schemes in Kelham Island. This is exactly the type of experienced regional developer we are keen to support.”
Catherall welcomed the certainty the facility provides. “Kelham Island is an area we know extremely well, and we are excited to be bringing forward another high-quality development in the neighbourhood,” he said.
“Kelham Exchange has been designed to meet demand for modern, well-specified apartments in a part of Sheffield that continues to grow in profile.”
“Paragon has taken the time to understand the scheme, the location and our track record in the area,” Catherall added. “Their support gives us the funding certainty to progress delivery and continue investing in Kelham Island.”
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