Farmland Partners gets $75 million revolving credit line

By Marisa Wong

Los Angeles, Oct. 14 – Farmland Partners Inc. operating partnership Farmland Partners Operating Partnership, LP entered into a loan agreement on Oct. 13 with Brighthouse Life Insurance Co., an affiliate of MetLife Investment Management, LLC, for a $75 million senior secured revolving line of credit, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility matures on Oct. 1, 2027 and is secured by first- and senior-lien mortgages on some of the company’s properties.

Interest is equal to SOFR plus 210 basis points, subject to a floor of 3.25%. On Oct. 1, 2025, MetLife may change the floating-rate spread at its discretion.

The company is also required to pay an unused commitment fee of 20 bps. If the average daily outstanding balance of the credit facility for any given quarter is greater than or equal to 50% of the maximum facility amount, 50% of the unused commitment fee due for that quarter will be waived.

Loan proceeds will be used to acquire additional properties, to repay existing debt and for general corporate purposes.

Farmland is a real estate company that owns and acquires farmland throughout North America. The company is based in Denver.

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