New Orleans Redevelopment Fund closes opportunity zone fund to new investors

New Orleans Redevelopment Fund (NORF) has closed its real estate fund, NORF 3 Opportunity Zone Fund, which targets developments in opportunity zones, to new investors.

The fund was targeting $100 million in total — $30 million in equity from existing and new investors and $70 million in debt financing. It was launched in March 2019.

A local news outlet reported that the NORF 3 Opportunity Zone Fund “had a strong investor fundraise in the low eight figures” but did not disclose how much capital has been raised for the fund.

NORF will use the funds to invest in blighted properties that are transformative to neighborhoods, according to its investment strategy. NORF said it is already planning to launch a predecessor for the fund, NORF 4 Opportunity Zone Fund.

When NORF 3 Opportunity Zone Fund launched, NORF said it had identified properties in New Orl