The New Orleans Redevelopment Fund (NORF) has plans to raise $100 million to develop properties in tax-break zones.
The NORF 3 Opportunity Zone Fund is targeting $30 million in equity from existing and new investors, as well as $70 million in debt financing. NORF has identified properties in New Orleans, Baton Rouge, Houston and San Antonio, and it is eyeing other areas of the Gulf South. The sites will be mostly multifamily, mixed-use commercial and hotel/hospitality.
It would be the largest fund to date for NORF, a private real estate developer founded in 2013 that specializes in the adaptive re-use of historic buildings and urban infill.
NORF has two private equity real estate investment funds, which redeveloped more than 250,000 square feet of blighted property valued at nearly $40 million.