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
management firm. Additional information is available at
https://promisedland.fund or (630) 264-0127.
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
SOURCE Servant Financial