Promised Land Opportunity Zone Farms Closes $50 Million Financing
CHICAGO, Aug. 10, 2021 /PRNewswire/ -- Promised Land Opportunity Zone Farms I, LLC ("Promised Land") announced today that it recently closed a $50 million debt financing with Conterra Agricultural Capital, LLC ("Conterra"). The 10-year financing facility expands Promised Land's ability to stimulate economic development and promote employment across agricultural communities.
"Agricultural Opportunity Zones are a growing asset class in a fragmented sector ripe for consolidation," commented John Heneghan, President of Servant Financial, which founded Promised Land. "We are pleased to add Conterra, a leader in providing credit to rural communities and American agriculture, to our partnerships. This financing enables us to accelerate our pursuit of an active pipeline of potential investments and to continue expansion of partnerships with opportunity zone investors and agricultural lenders."
Promised Land was created to acquire, improve, and stimulate economic development associated with farmland located in qualified opportunity zones in the United States ("QOZs"). QOZs are economically distressed communities in which new investments, under certain conditions, may be eligible for preferential tax treatment.
Promised Land's properties are managed by Farmland Partners Inc. (NYSE: FPI), a leading agricultural REIT. Promised Land's collaboration with Farmland Partners and Conterra creates a uniquely scalable opportunity zone platform for socially minded investment in an underrated, inflation-protected asset class.
About Promised Land Opportunity Zone Farms I, LLC
Promised Land Opportunity Zone Farms I, LLC is a Qualified Opportunity Zone Business, as described by the Tax Cuts and Jobs Act of 2017. Promised Land currently owns approximately 3,800 acres in Illinois, South Carolina, and Mississippi. Promised Land was founded and is controlled by Servant Financial, a Chicago-based investment management firm. Additional information is available at https://promisedland.fund or (630) 264-0127.
About Conterra
Conterra is headquartered in West Des Moines, Iowa and is dedicated to financing American agriculture. Conterra brings its nationwide experience to local lenders as they deliver financing to farmers and ranchers. Conterra's diverse funding allows it to offer real estate financing that meets the needs of a wide range of borrowers. Offering long-term fixed rates, transitional financing, or bridge financing through Conterra's managed funds, Conterra works with farmers and ranchers through all aspects of agriculture cycles. Additional information is available at https://conterraag.com/
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SOURCE Servant Financial
