Real estate company closes Opportunity Zone Fund
NEW ORLEANS – NORF Companies announced that they recently closed their NORF 4 Opportunity Zone Fund. The tax-efficient New Orleans-based developer and real estate company said it has raised just over $20 million in direct project investments and commitments from 40 investors.
NORF now focuses on project acquisition and development. To date, the fund is tied to two projects in New Orleans — at 3100 Banks and 380 South Liberty — and one in Tyler, Texas. NORF plans to add additional projects to diversify the portfolio and is currently pursuing several options in the Southeast.
The mixed-use development at 3100 Banks Street features 21 market-priced apartments and two large commercial spaces on the ground floor. Hernandez Construction and Consulting was the general contractor and Albert Architecture is the official architect.
“We are incredibly proud of what we have brought to this unique oversized parcel in the heart of Mid-City, contributing to the neighborhood’s growth, walkability and quality of life,” said NORF General Manager Cullan. Maumus. “Twenty-one high quality apartments and a modern, open and bright commercial space will serve tenants and the community for many years to come. »
NORF focuses on tax-efficient real estate investing, including historic tax credits and Qualified Opportunity Zones, which are state-designated areas known to be underdeveloped and in need of economic expansion through redevelopment or job growth. The Qualified Opportunity Zone Fund program was created through the Tax Cuts and Jobs Act of 2017, which provides significant tax incentives for individuals to invest capital gains proceeds in specially designated Qualified Opportunity Zone Funds. created.
Learn more at www.NORFcompanies.com.