Seeking to bring a premium, organic-ready Midwestern farm to the public, SPV Lindmark Farm, LLLP (“SPV Lindmark Farm” or the ‘’Farm”) took advantage of the opportunity to acquire a 74.39-acre property located in Central Iowa just outside the town of Ogden. The asset includes 73.95 acres of land suitable for transition to organic tillable farmland. The Farm is immediately eligible to receive USDA organic certification after spending the last 14 years enrolled in the Conservation Reserve Program (CRP) through the Farm Service Agency. During its enrollment period, there was no application of synthetic chemicals or fertilizers on the Farm. The Farm will receive USDA organic certification in the spring of 2021 after application approval from International Certification Services.
Located in Boone County, Iowa, the Farm is eligible to grow organically certified soybeans, corn, oats, as well as edible beans. SPV Lindmark Farm will plant and grow crops primarily for the production of organic feed grain products. The Farm will be professionally managed by Peoples Company, a nationally recognized firm that offers land management, appraisal, brokerage, and investment services in 26 states across the country.
Based in the heart of the Corn Belt, the Farm is highly sought after by farm operators. This location is associated with strong agricultural production and therefore experiences consistent tenant occupancy.
For the Farm to reach its maximum organic potential and to transition the ground to tillable farmland, SPV Lindmark Farm will undergo a ground preparation process that involves controlled burning, clearing trees and brush, as well as discing of the soil to prepare it for planting, while simultaneously improving soil health. Opportunities exist for yield optimization through soil drainage improvements that can improve crop health and provide better conditions for completing field operations. Pending a successful wetland determination from the USDA, soil drainage projects will be completed in the fall of 2021.
SPV Lindmark Farm will receive rental income based on $315 per acre for 74 tillable acres in the first year of operation. Pending a successful USDA wetland determination in Year 1, drainage tile will be installed, and annual rental income will increase to $350 per acre for 74 tillable acres. Any income not used to pay annual operating expenses will be held in SPV Lindmark Farm’s cash reserves. Upon the end of the target hold period, or otherwise at the general partner’s discretion, total cash reserves, including any cash remaining from initial cash reserve contribution and/or annual rental income, will be distributed to investors in an amount proportional to their ownership interest in SPV Lindmark Farm. When the SPV Lindmark Farm asset is sold, net proceeds from the sale of the asset will also be distributed to investors on a pro rata basis.
mAgma aims to increase access to high-quality U.S. farmland by allowing investors to easily buy and sell units with low investment amounts and competitive, diversified returns through a digital platform, while simultaneously creating an alternative equity source for landowners.
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