Real Estate Company Closes Opportunity Zone Fund
NEW ORLEANS — NORF Companies announced that it has recently closed on its NORF 4 Opportunity Zone Fund. The New Orleans-based developer and tax-advantaged real estate company said it raised just over $20 million in investments and direct project commitments from 40 investors.
NORF is now focused on project acquisition and development. To date, the fund is connected to two projects in New Orleans — at 3100 Banks and 380 South Liberty — and one in Tyler, Texas. NORF anticipates adding additional projects to diversify the portfolio and is currently pursuing several options across the Southeast.
The mixed use development at 3100 Banks Street features 21 market rate apartments and two large retail spaces on the ground floor. Hernandez Construction and Consulting was the general contractor and Albert Architecture is the architect of record.
“We’re incredibly proud of what we’ve 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 Managing Director Cullan Maumus. “Twenty-one high-quality apartments and a modern, open and light-filled retail space will serve the tenants and the community for many years to come.”
NORF focuses on tax-advantaged real estate investing including historic tax credits and Qualified Opportunity Zones, which are 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 into specially created Qualified Opportunity Zone Funds.
Learn more at www.NORFcompanies.com.