Developer Boultbee LDN has obtained a £36m loan facility from non-bank lender Unbranded Finance and investment manager Westbrook Partners, to refinance The Maltings Shopping Centre in St Albans.
The two-year facility was advanced within six weeks from agreement of terms and commencement of due diligence.
The six-acre Maltings site comprises 300,000 sq ft of retail, office and other commercial accommodation let to around 100 occupiers, including TK Maxx, Wilko and H&M, plus 31 long-leasehold homes and an 800-space car parking operation.
Andrew Smith, co-founder of Unbranded Finance, said: “A large amount of due diligence was undertaken within a relatively short period of time, and so all credit to the teams on both sides.
“The Maltings is a key retail asset which has been extremely resilient during the pandemic and has significant potential for value-add over the coming months.”
Smith added that Unbranded Finance aims to build upon its relationship with Westbrook.
Steve Boultbee-Brooks, chairman of Boultbee LDN, said: “Despite being in the middle of a pandemic and a harsh trading environment, The Maltings continues to buck the trend with a steady recovery trading at 98% occupancy.”
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