A farmer-owned oat mill expanding regenerative grain markets and local economies across the Midwest.
Green Acres Milling (Green Acres) is a farmer-owned business based in Albert Lea, Minnesota, developing a $68.8 million oat processing facility to both meet the growing demand for traceable, allergen-free oats and strengthen regional grain economies. Founded by Anne and Landon Plagge, the business is addressing a major gap in domestic infrastructure by offering identity-preserved milling, regenerative sourcing standards, and QR-code level traceability.
With over 130 farmers already financially invested in the project, and with over 90% of the mill ownership held by farmers, the model is designed to return value to growers through ownership, fair pricing, and long-term supply contracts. By creating a stable local buyer for oats, the mill supports adoption of diversified crop rotations and soil-building practices, while helping to shift economic opportunity back into the hands of regional producers.
This specific fundraising campaign focuses on the $20 million subordinate debt held by Steward. Steward's financing commitment of $20 million will be raised in stages and then disbursed over the remaining construction period.
The development of a mill at this scale takes 12 months to complete construction. Green Acres is currently 4 months into a 12 month construction timeline which has been funded to date from equity. Steward's subordinate financing commitment of $20 million will be raised in phases and disbursed alongside the senior loan, pro rata, as construction milestones are met. This ensures that funds flow directly into verified progress on the ground. This ongoing loan campaign will open throughout the coming year to match capital needs. We invite our lender community to follow progress, join each phase of the project, and help bring this cornerstone grain infrastructure online.
This $20 million subordinate construction loan will support the buildout and operation of a new oat mill in Albert Lea, Minnesota. The project is designed to meet a growing demand for traceable, allergen-free oats sourced from U.S. growers, while offering farmers long-term contracts, regenerative agronomic support, and access to fairer market pricing.
Green Acres has already completed pre-development and early-stage construction through a combination of farmer equity and grant funding. This next phase of capital will enable full buildout and startup of operations. Once complete, the facility will address a major gap in domestic oat processing infrastructure, providing a reliable, identity-preserved supply to brands seeking U.S.-grown oats with regenerative attributes and significantly lower pesticide residue levels.
With majority local ownership and early offtake interest covering approximately 50% of planned capacity, the mill is strategically positioned to serve growers across Iowa, Minnesota, and surrounding states. This loan will help bring the project to operational readiness, unlock market access for domestic oats, and support a farmer-led model designed for long-term economic and ecological resilience.
By building a farmer-owned oat mill sourcing domestically grown oats, Green Acres' new mill creates an opportunity to introduce ecological and economic benefits to a large number of acres in the Upper Midwest. While many of the growers supplying the mill are earlier in their journey of adopting regenerative practices compared to many Steward borrowers, we believe that the scale of change of this project and the focus on continuous improvement over time makes this project a fit within our Stewardship Principles. Practices that Green Acres and their growers are committed to include:
Ecological Stewardship:
Social Stewardship:
Economic Stewardship:
Green Acres Milling is committed to building and operating an oat mill that is designed to benefit farmers in northern Iowa and southern Minnesota by creating a stable market for locally grown oats, which in turn creates healthier soils and higher soil organic matter levels. Farmers will be a significant part of the capital stack with ownership of the mill, positively impacting both the farmers and the communities in which they operate.
Central to the mission and guiding philosophy for Green Acres Milling, farmers in rural America are the backbone of our communities, and agricultural landowners, when engaged and informed, want to be good stewards of their land. The ability to teach farmers and landowners the benefits of growing food-grade crops like oats is critical to building healthy soil, growing nutrient dense foods, and thriving communities.
As farmers themselves, the Green Acres team emphasizes the importance of setting sourcing standards that allow growers an entry point into adopting new practices that have ecological as well as economic benefits. The following outlines Green Acres’ sourcing requirements for oats grown for the mill as they build a network of growers producing oats in their region. All oats will maintain traceability and identity preservation throughout the supply chain. The ramp up of sourcing requirements are outlined on a three year cycle given growers’ crop rotations:
Year 4 (second rotation) Additional Requirements:
This loan will be made to Ivy & Karma, Inc. dba Green Acres Milling, an Iowa corporation, which will build and operate an oat mill utilizing locally sourced oats.
This subordinate loan will be used to fund development costs associated with the construction of the mill. The total loan amount is $20,000,000, which will assist Green Acres in growing and expanding their business. The total development budget is $68.8M.
This is a secured loan with a second priority deed of trust on the real estate and improvements, machinery, and equipment of the business, as well as a personal guarantee from Landon and Anne Plagge. The borrower's interest rate is set at 13%, with a lender net interest rate of 12.5%, and the loan's term is 60 months. Disbursements are expected to take place over the first 7-9 months of the loan term. Monthly repayments will be interest only for the full term of the loan. The loan is expected to be refinanced into a longer-term facility at the term of the loan.
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