Promised Land Opportunity Zone Farms announced the completion of a $29 million investment in a farm located in eastern North Carolina this week. The fund’s portfolio now stands north of $50 million with 8,300 acres of farmland across four states. The fund also has investments in farms located in Illinois, Mississippi, and South Carolina.

Promised Land had previously announced a $50 million debt financing facility with Conterra Agricultural Capital.

Farmland Partners, an NYSE-listed REIT, serves as property manager of the fund and has a membership interest of approximately 10%. Farmland Partners owns approximately 166,000 acres in 16 states from California to Florida. The company harvests 26 different types of crops and has more than 100 tenants on its farms.

The topic of agriculture investing in Opportunity Zones was discussed in more detail on episode #49 of the Opportunity Zones Podcast: