HFF Arranges $27.7M Refinancing of Grocery-Anchored Shopping Center in New Orleans

NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.