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| Algier's Plaza, Algiers Neighbordhood, Five Miles Southeast of Downtown New Orleans, LA |
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| De'On Collins |
DALLAS, TX – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has secured a $27.7 million loan for Algiers Plaza, a recently-renovated
236,389-square-foot shopping center anchored by Winn Dixie in New Orleans,
Louisiana.
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 space for Petco, Ross
Dress for Less, TJ Maxx and Burke’s.
The
85-percent-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.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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