London & Associated Properties has refinanced the Orchard Square shopping centre in Sheffield with a new £14m senior loan.
The three-year facility, arranged by PMM Advisors Real Estate, replaces a £18.3m loan from Santander and Europa, which was secured against two properties and is due to expire in October 2019.
LAP used existing cash resources to reduce its debt and removed the second property from the charge. It has an option to extend the new facility for one year.
John Heller, chief executive at LAP, 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.
CAPRA Global Partners advised LAP.
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