Kennedy Funding, a direct private lender, recently closed a $1.6 million land loan to Diamond J Farms for farmland near the Idaho/Wyoming border.
Loan proceeds will be used for debt payoff and working capital for the property, which was purchased by Diamond J Farms in 1984.
The undeveloped agricultural property, located at 391 North 35 West, is composed of three separate parcels totaling 159 acres. The land is valued at $3.2 million. Its proximity to Interstate 15 and routes 20 and 91 provides access for transporting agricultural products throughout the region.
“We have been farming for five generations,” said Steve Jensen, principal of Diamond Farms. “We have built quite a reputation. We grow Idaho potatoes, barley for Anheuser-Busch and wheat for General Mills, among others.
“Our broker referred us to Kennedy Funding when we needed to refinance and free up working capital,” said Jensen.Â
Located six miles northwest of Idaho Falls — one of Idaho’s largest cities and a major employment hub — the Diamond J Farms property contributes to Idaho’s agricultural sector, supporting jobs, commerce and their communities.Â
