Farmland Partners Inc. announced it has forged a loan agreement with Metropolitan Life Insurance Company (MetLife) for term loans totaling $127 million. The funds will be used to repay existing debt, including the repayment of the outstanding portion of an existing term loan agreement with MSD FPI Partners LLC, and will also be used to fund additional farmland acquisitions, and for general corporate purposes.

Under the structure of the agreement, Farmland Partners has closed on $106 million in term loans including a $90 million, ten-year term loan carrying an interest rate of three-month LIBOR plus 1.75%, and a ten-year $16 million term loan carrying an interest rate of three-month U.S. Treasury plus 1.80%.

In addition, the firm announced that it has closed on the previously disclosed acquisition of a 7,400 acre farm in Louisiana for $31.8 million in cash. This close will round-out Farmland Partner’s first quarter of the year with total acquisitions of over 32,700 acres at a combined cost of nearly $240 million.

“We are pleased to announce our new relationship with one of the nation’s largest agricultural lenders,” said Paul Pittman, CEO of Farmland Partners Inc. in a company statement. “…our new relationship with MetLife will allow us to continue to put capital to work toward the numerous opportunities in our pipeline that we believe will offer attractive returns to our investors.”

This closing brings Farmland Partner’s land portfolio to a total of 258 farms encompassing 108,163 acres (including two farms totaling 487 acres that are still under contract) in Arkansas, Colorado, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, Texas, and Virginia.