Developer Urban Splash, the company behind work at Fort Dunlop and the Rotunda, has announced a £135 million refinancing deal.
The firm has also agreed a joint venture with London property group Pears, covering 35 Urban Splash properties.
Pears helped the developer, headed by founder Tom Bloxham, secure agreement from investors RBS, the Co-operative, HSBC and Blackstone to refinance £135 million of its remaining debts.
Urban Splash carried out a corporate restructure and sold a range of apartments to social landlord Places for People for £77 million last year, which allowed it to cut its £208 million debts and once again commence development projects.
Mr Bloxham described the refinancing as a “watershed moment” for his company.
He added: “Since 2008 our company, like virtually every other in our sector, has been restricted by its debt burden.
“It is sad to see how few other Northern property development companies have even survived.
“It has been a tough five years for the industry, but I’m proud that during that time we were able to deliver some great award-winning projects.
“We have also been working hard since 2011 to refinance our debt and form new joint venture relationships with strong stable financial partners.
“This deal with Pears will allow Urban Splash to continue to do what we do best – develop and manage ground-breaking and award-winning regeneration schemes across the UK – something we’ve done for more than 20 years.”
He said the new joint venture with Pears is part of a strategy to refinance the Urban Splash bank debt and form new long-term joint ventures with strong partners.
“It comes following the JV partnership we established last year with Places for People; one of the UK’s biggest landlords.
“This partnership with Pears, a large private property business with huge experience in the UK property market, is the next stage in our plan.”
He added: “We look forward to working with Jonathan Rose, group MD of Pears, and his team on this and other projects.”
Mr Rose said: “We have been delighted to assist Tom and the Urban Splash team in their refinance. We look forward to working together.”