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.