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New Orleans — Holliday Fenoglio Fowler (HFF) has secured a $27.7 million loan for Algiers Plaza, a recently renovated 236,389-square-foot, Winn-Dixie anchored shopping center in New Orleans.
De’On Collins and Travis Anderson of HFF worked on behalf of the borrower, N3 Real Estate, to place the floating-rate loan with BBVA Compass. Loan proceeds were used to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.
The 85 percent occupied center is home to tenants including Petco, Ross Dress for Less, TJ Maxx, Burke’s, Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens.