Promised Land Opportunity Zone Farms I has closed a $50 million debt financing with Conterra Agricultural Capital. 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