Located in London’s Bethnal Green, the development is made up of 58 residential units and a 6,990 ft ground floor commercial space.
The funding from Paragon’s specialist development finance team will refinance the partially completed scheme, so it is on track for its completion date in March 2021.
This is the second development by Aitch Group to be supported by Paragon, with the bank having previously provided the developer with a funding package of more than £34m for the development of 103 residential units in Hackney Wick.
Henry Smith, CEO of Aitch Group, said: “This funding package enables the company to meet its goal of finalising the project by March next year, despite the challenges created by coronavirus.
“Paragon’s development finance team was excellent, working tirelessly and with true commerciality to arrange and complete the refinance for the Empress Works scheme in a timely manner.”
Nigel Jackson, relationship director at Paragon, added: “I have had a relationship with Aitch Group for over 20 years, so it is great to be able to support them again with funding for this scheme in Bethnal Green.
“During the recent difficult times, it’s been our priority to continue supporting the needs of both our current and new-to-bank clients.”