MN-OZA DREAM Fund Platform Criteria

Acquisition Criteria


  • Must be in approved Minnesota Opportunity Zone census tract.
  • Must meet criteria for eligible projects including new construction or substantial rehabilitation.
  • Minimum total project cost of $2M; maximum of $25M, or 33% of Fund.
  • Open to investment across Minnesota. Focus efforts on Twin Cities/suburbs, Duluth, St. Cloud areas.
  • Commercial properties only, with target of 50-60% Residential.
  • Securities exemption requires fund invests in real estate.  Not able to invest in businesses.
  • Target fund IRR range of 7 – 11% depending on project risk.
  • Combination of economic, social, and environmental returns factored by committee.
  • Project approval requires unanimous committee vote.
  • Properties with favorable population density and increasing populations will be prioritized.
  • Debt on properties to be no more than 65% of project costs.

Development Partners: 

  • Local partners require minimum of 1% of equity position in project 
  • Local partners to be fully vetted for expertise, reputation, financial capability, etc. 
  • Local partners to be approved with majority of 3 of the 5 members voting in favor.

To discuss equity financing your project please contact Loren Schirber at or call 612-501-0358 .