CHICAGO, August 31, 2021 / PRNewswire / – Promised Land Opportunity Zone Farms I, LLC (“Promised Land”) today announced that it has purchased 4,528 acres of cropland in the east North Carolina for $ 29 million. The investment will boost economic activity and job opportunities in the region.
“We see great potential in areas of agricultural opportunity and growing interest from social impact investors,” commented John heneghan, chairman of Servant Financial, which founded Promised Land. “We are delighted to add this high quality product North Carolina farm to our existing portfolio of nine farms and 3,800 acres in total in Illinois, Caroline from the south, and Mississippi. Including improvement projects, the size of the portfolio is now approaching $ 53 million. ”
The North Carolina the property includes over 4,000 cultivable acres, which have historically been planted with corn, soybeans, wheat and potatoes. This large-scale institutional asset has high-quality soils, reliable water supply and drainage systems, and a center-pivot sprinkler irrigation system on approximately half of the cultivable acres. Promised Land’s planned capital improvements include drainage, irrigation and grain storage projects.
Farmland Partners Inc. (NYSE: REIT), one of the leading agricultural REITs, acts as the property manager of Promised Land. Promised Land’s collaboration with Farmland Partners creates a unique scalable opportunity zone platform for social investment in an underrated and inflation-protected asset class. Farmland Partners and Promised Land quickly researched, underwritten, leased and financed this centerpiece of the portfolio.
Promised Land was established to acquire, improve and stimulate economic development associated with agricultural land located in areas of qualified opportunity in United States (“QOZ”). QOZs are communities in economic difficulty in which new investments, under certain conditions, can benefit from preferential tax treatment.
About Promised Land Opportunity Zone Farms I, LLC
Promised Land Opportunity Zone Farms I, LLC is a qualified Zone of Opportunity business as described by the Tax Cuts and Jobs Act of 2017. Promised Land currently owns approximately 8,300 acres in North Carolina, Illinois, Caroline from the south, and Mississippi. Promised Land was founded and is controlled by Servant Financial, a Chicagobased investment management company. Further information is available at https://promisedland.fund or (630) 264-0127.
Owners and brokers with agricultural land for sale in Opportunity Zones are encouraged to contact Promised Land at [email protected] and Farmland Partners at [email protected]
Media contact: [email protected]
SOURCE Financial Servant