Millennium Sustainable Ventures is expanding its sustainable greenhouse cultivation activities by establishing its first produce related operations. Millennium Produce of Nebraska has executed a long-term lease for an approximately 1.1 million square foot greenhouse cultivation facility located in O’Neill, Nebraska.
As part of the transaction, Millennium Produce arranged a $3 million non-recourse loan with a fixed interest rate of 1.5% and a four-year term. The loan is secured by Furniture, Fixtures, and Equipment, which was purchased by Millennium Produce, as well as crops.
David Lesser, Chairman, and CEO commented, “We are very excited to introduce Millennium Produce as a new area of focus. The production of food crops in greenhouses is gaining traction in the United States and we now can establish large-scale operations with this greenhouse facility in O’Neill Nebraska. We believe this property was acquired at an attractive basis which should allow Millennium Produce to compete favorably. We have already put in place a head grower and are working to round out the team to quickly commence cultivation. Millennium Produce is focused on a “lean and mean” approach committed to efficient and sustainable operations while delivering a consistent high-quality product to consumers. I believe this property is “ready to grow” and we will use the remainder of the 2022 growing season to establish our operating procedures and target profitability in 2023 when we will have a full growing season during which we plan to grow in excess of 11 million pounds of tomatoes.”
For more information:
Millennium Sustainable Ventures
www.millsustain.com