NEW ORLEANS—Holliday Fenoglio Fowler, L.P. (HFF) has secured a $27.7 million loan for Algiers Plaza, a recently-renovated 236,389-square-foot shopping center here that is anchored by a Winn Dixie supermarket.

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.

Algiers Plaza recently underwent extensive renovations, adding new junior tenant spaces for Petco, Ross Dress for Less, TJ Maxx and Burke's.  The 85%-leased center is also home to a recently-remodeled Winn Dixie, Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens.  Situated on 24.98 acres, the property is on the West bank of the Mississippi River approximately five miles southeast of downtown New Orleans in the Algiers neighborhood.  The property is located along General deGaulle Drive, a main thoroughfare with more than 50,000 vehicles per day.

The HFF debt placement team was led by associate director De'On Collins and senior managing director Travis Anderson.

N3 Real Estate is a fully integrated retail real estate investment and development firm based in Southlake, Texas.  Founded in 2004, N3 has acquired and developed more than 200 single and multi-tenant retail projects for national and local retailers across the United States.  Today, N3 owns and manages more than $300 million retail projects for its investors with another $250 million available for immediate investment.