PMM Real Estate Finance (REF) has provided a £14m loan secured on Orchard Square, Sheffield, to a subsidiary of London & Associated Properties (LAP).

The property is in the heart of Sheffield City Centre and includes major tenants such as TK Maxx, Virgin Bank and Waterstones.

LAP have a number of exciting asset management initiatives underway at Orchard Square.

LAP’s chief executive John Heller 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.”

Gareth Williams partner of PMM REF commented: “We are extremely pleased to support the refinance of Orchard Square. Like most lenders we are cautious on the retail property market but the strong sponsorship, high quality anchor income and excellent location made this an attractive asset for us to finance.”