This project was successfully funded by a loan from Steward Regenerative Capital.
San Juan Center for Regenerative Economy (SJCRE) is securing a 42-acre site to build out an educational working farm and hub for sustainable agritourism.
Funded on 06/21/2022
San Juan Center for Regenerative Economy (SJCRE) is an emerging educational working farm and agritourism destination located on San Juan Island in Washington State. Operated by Emma Rastatter and Wiley Webb, SJCRE’s mission is to build a more sovereign, resilient, and equitable food system for the San Juan Islands⏤a community of nearly 20,000 residents that also sees thousands of tourists each year.
SJCRE is purchasing a 42-acre site with existing farmland, wetlands, pasture, forest, and a campus with lodging and office space for visiting guests. They will host community events, student education, and new farmer apprenticeship and training programs, including land access programs with an emphasis on BIPOC farmers.
Based on principles of agroforestry and restoration agriculture, the ~12-acre working farm will integrate livestock and annuals into their perennial cropping plans. The majority of food will be sold through the San Juan Islands Food Hub, and customers will also be able to pre-order and pick up food directly from the farm, or purchase via an online farm store.
Emma and Wiley chose San Juan Island because of the island’s deep intergenerational knowledge and the great sense of responsibility that people share to support the local food economy and each other. They intend for the site to be a center for community gathering, agricultural production and education, and native habitat conservation. They are in the process of pursuing a conservation easement that would restore cultural use and harvest rights for local tribes, as well as protect native fish populations. Inspired by cooperative farming models they’ve seen in their travels and past work experience, SJCRE will be a space for collective learning and growth.
The short-term bridge loan from Steward will contribute to purchasing the 42-acre site that will be the future home for SJCRE. This is a turn-key property that already includes a 10-bedroom bed & breakfast lodging with a commercial kitchen, four bedroom guesthouse, large barn, stable, and office space. The loan will also fund essential farm equipment to help ensure perennials are planted this fall.
SJCRE is contributing 20% equity to the property purchase and self-financing initial start-up costs.
SJCRE is committed to helping build a more sovereign, resilient, and equitable food system on the San Juan Islands. Their three-prong approach focuses on restoration agriculture, community building, and ecological conservation, with practices that include:
Property Purchase--$2,784,800: This includes 80% of the total property purchase price, legal fees, and a full 12 month interest reserve.
Equipment--$79,000: This includes key equipment needed for fall perennial plantings as well as infrastructure improvements, including fencing and irrigation.
Total Budget: $2,863,800
This loan will be made to SJCRE LLC, a Delaware limited liability company, which operates as an agritourism hub and educational farm.
The total loan amount is $2,863,800, which will assist SJCRE in growing and expanding their business.
This is a secured loan with a first mortgage on real property located at 2687 W Valley Rd., Friday Harbor, 98250.
This short term bridge loan is set at a 5.5% interest rate, with a 9 month term, and interest only monthly payments beginning 1 month after the property closing.
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