London & Associated Properties has refinanced Orchard Square in Sheffield with a new 3-year €15.8m (£14m) senior loan facility arranged by PMM Advisors Real Estate Finance. This new facility replaces a €20.7m (£18.3m) Santander/Europa loan due to expire in October 2019 and included a further property with a value of c.€4m (£3.5m) as security.
John Heller, LAP’s Chief Executive, said: “The current lending market for shopping centres remains extremely challenging, but PMM recognises that quality schemes like Orchard Square, let at realistic levels in attractive cities, have a viable future and are prepared to back experienced management on such assets. We have a number of exciting asset management initiatives underway at Orchard Square and look forward to working with PMM as we deliver them.”
