Well first of all, what are the reactances?
I think you will find C5 is a coupling cap (much lower reactance than the parts around it), and then L2 will be somewhat of a lowpass filter, but also accounting for load capacitance (if the antenna is electrically short, not a properly resonant monopole), or matching to the oscillator (which itself has an oddball impedance, it's hardly a resistive amplifier).
Tim