CHICAGO, Aug. 31, 2021 /PRNewswire/ -- Promised Land
Opportunity Zone Farms I, LLC ("Promised Land") announced today
that it purchased 4,528 acres of cropland in eastern North Carolina for $29
million. The investment will stimulate economic activity and
labor opportunities in the region.
"We see great potential in farmland Opportunity Zones and
increasing interest from social impact investors," commented
John Heneghan, President of Servant
Financial, which founded Promised Land. "We are thrilled to add
this high-quality North Carolina
farm to our existing portfolio of nine farms and 3,800 total acres
in Illinois, South Carolina, and Mississippi. Including improvement projects,
the portfolio size now approximates $53
million."
The North Carolina property
comprises more than 4,000 tillable acres, which have historically
been planted with corn, soybeans, wheat, and potatoes. This
large institutional scale asset has high quality soils, reliable
water and drainage systems, and center-pivot sprinkler irrigation
on approximately half of the tillable acres. Promised Land's
planned capital improvements include drainage, irrigation, and
grain storage projects.
Farmland Partners Inc. (NYSE: FPI), a leading farmland REIT,
serves as Promised Land's property manager. Promised Land's
collaboration with Farmland Partners creates a uniquely scalable
opportunity zone platform for socially minded investment in an
underrated, inflation-protected asset class. Farmland Partners and
Promised Land quickly sourced, underwrote, leased, and financed
this portfolio centerpiece.
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.
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 8,300
acres in North Carolina,
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.
Owners and brokers with farmland for sale in Opportunity Zones
are encouraged to contact Promised Land at
info@servantfinancial.com and Farmland Partners at
info@farmlandpartners.com
Media contact: info@servantfinancial.com
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SOURCE Servant Financial