FULLY SUBSCRIBED - OFFERING CLOSED
This offering is now fully subscribed. Please join the waitlist for our next offering.
Table of Contents
Click links below to jump to the relevant section:
BUSINESS PLAN - details on our investment strategy and deal execution, purchase and sale projection, and capital expenditures
PROPERTY - physical details of the farm, its location and characteristics
SPONSOR - Principal bio for the Sponsor
Watch the April 5, 2023, launch webinar with George Bravante, below.
Watch the full pre-launch webinar with George Bravante, below.
Learn more from George Bravante about the Viscarra-Savage investment opportunity in this short introductory video, below.
Key Deal Points
Bravante Farm Capital, LLC is a Delaware limited liability company (the "Company"). The Company has been established to provide a crowd funding vehicle for qualified investors to make an investment in approximately 100 gross acres of citrus trees ("Viscarra Ranch"), and approximately 39 gross acres of table grapes (the "Savage Ranch"). The total net planted acres today is approximately 127 acres and is split between the two ranches that are situated approximately 3 miles from each other.
Please refer to the planting map below for information on the various crop varieties currently being farmed. The current balance of the varieties will remain in place and the Company will continue to cultivate the trees that are currently growing and producing on the property. Neither ranch requires any development or redevelopment as both are fully developed.
Savage table grapes vines are fully mature and at full production. While Viscarra is fully planted and producing, the mandarin, lemon and Cara Caras trees planted in 2019 may take an additional 3-4 years to reach full production.
The Company intends to farm and manage the ranches for approximately 10 years subject to the discretion of the Managing Member.
Savage ranch is owned by Pacific Agricultural Realty, LP and Viscarra ranch is owned by Pacific Agricultural Realty II, LP collectively referred to from now on as the (“Sellers”). The two funds were formed approximately 10 and 7 years ago to acquire and develop agriculture land used primarily to produce citrus and table grapes, and to a lesser extent stone fruit and nuts. The Sponsor and Manager of this Viscarra/Savage offering is George Bravante, Jr. who has been the Managing Member and CEO of the Seller for the past 10 years.
With both ranches fully planted and producing the funds are now looking to exit the properties. Mr. Bravante, along with members of the both Sellers' Conflicts Committees have reached an understanding for a transfer of both ranches to Bravante Farm Capital, LLC for a total consideration of $5,489,000 - $4,160,000 for Viscarra Ranch, and $1,329,000 for Savage Ranch.
Achieve short term distributable cash and long-term capital appreciation for investors through investments in California agricultural land used primarily to produce citrus and table grapes.
The current offering includes two ranches, Viscarra and Savage. Purchase price of each ranch is $4,160,000 for Viscarra, $1,329,000 for Savage, and a total of $5,489,000.
Total project cost is projected to be $6,740,000 to include cultural reimbursement of $112,320, no capital expenditures, working capital of $932,680, and organizational cost reimbursement of $206,000.
Total equity capital raise is to be $4,000,000 with debt financing of approximately $2,740,000 (plus bank fees). The debt will be provided by Golden State Farm Credit with terms of 25-year amortization, 10-year maturity and 6.5-7.5% interest.
The distributions from net operating proceeds and capital events are structured as follows:
8% preferred return. 100% of profits pro-rata to Partners until they receive their 8% preferred return (including the General Partner for its co-invest).
Return of capital. 100% of profits pro-rata to Partners until all their capital is returned (including the General Partner for its co-invest).
Catch up. This Tier is where, once Partners have 100% of their invested capital returned, i.e. no further risk to Partners, the Special Limited Partner gets what is called a ‘catch up.’ This is where distributions go to the Special Limited Partner until they and the Partners (including the General Partner for its co-invest) together have received a 70/30 split of distributions (not including return of principal) in favor of the Partners.
Partners (including the General Partner for its co-invest) continue to receive a pro-rata share of 70% of all profits until their original capital is doubled (in addition to the 8% preferred return distributions), and 30% to the Special Limited Partner.
All further profits are shared pro-rata 50/50 between the Special Limited Partner and the Partners (including the General Partner for its co-invest).
The Project consists of two ranches that are located approximately three miles from each other.
Viscarra Ranch is a citrus farm with approximately 100 gross acres, 92 net acres, of producing citrus trees. There are 28 acres of lemons, 28 acres of Cara Cara oranges, and 36 acres of Mandarins.
The remaining acreage is used by roads, yard/work area, and is taken up by a newly built reservoir. The Partnership expects that the current varieties will remain in place and that the Partnership will continue to cultivate those trees that are currently growing, developing and producing on the property.
There is no new or re-development planned for Viscarra Ranch.
The Savage Ranch is made up of 39 gross acres of which approximately 35 acres are planted with the Great Green grape variety.
Great Green is a variety of table grape that is known for its sweet and juicy flavor, as well as its crisp texture - and is George's favorite grape. It is a seedless variety and is often used in fresh eating, salads, and fruit bowls making it a high demand variety. Great Green grapes have a green skin and are typically medium to large in size and are known for their good storage capabilities and long shelf life, making them a popular choice for retail and consumer use, driving demand and keeping pricing consistent.
Savage ranch has reached full maturity within the last two years and so there is no new or re-development planned.
The Viscarra Ranch sits within and receives water from the Alta Irrigation District with a 100% entitlement which means that the entire ranch can take water from the district. Water is distributed via underground pipelines and through fan-jet emitters.
Viscarra has three wells with the following pumping capacities in gallons per minute (GPM):
Well #1 - NW on Clayton, 300gpm
Well #2 - NE on Clayton, 75 gpm
Well #3 - SE on Adams, 125 gpm
The Savage Ranch is located in the Kings River Irrigation District which is probably the best irrigation district in California because it supplies water consistently from March through November, all day, every day, for only around $60 per acre which is on the very low end of pricing for water from an irrigation district. All the water on Savage comes from the district.
The ranches consists of a total of approximately 139 acres of agricultural land with approximately 127 planted net acres.
Savage Ranch is at full maturity and no capital expenditures are needed.
Viscarra Ranch is recently planted so no capital expenditures are needed, however the trees are not all yet at full maturity.
Please refer to the Planting Summary above for more details.
All wind machines, irrigation, reservoirs, filtration systems and other capital improvements have been made within the last year or so, so everything is new and there are no capital expenditure requirements remaining.
Both Viscarra and Savage ranches are in Fresno County, situated in the center of the San Joaquin Valley and is predominantly rural in nature. The region benefits from a Mediterranean climate and highly productive soils that are well-suited to a wide range of agricultural commodities.
Water for agriculture across the Central Valley is supplied by a variety of sources including rainfall, groundwater, local rivers and creeks, along with irrigation districts which bring water from the Sierra Nevada to local farming areas.
The region’s economy is highly dependent on agriculture. Production agriculture, and the diverse businesses that support it, are the driving force behind the regional economy. No other region in the world produces the diversity of agricultural products found in the area.
Principle crops grown include grapes, almonds, milk, tomatoes, garlic, livestock, pistachios, deciduous tree fruit, citrus, and feed crops. Most of the rural communities and cities located throughout Fresno County provide goods and services necessary for daily life.
The City of Fresno serves as the county seat. Fresno provides everything expected of a large urban center including large shopping centers, hospitals, entertainment and education through the State University system. Employment opportunities include local farming and various support business and industry located primarily in the larger communities.
Governmental involvement in agriculture remains a significant force. The Fresno County agricultural commissioner's office conducts law enforcement and service functions required by state and federal laws and regulations as well as similar functions required by measures and ordinances authorized by the Fresno County Board of Supervisors.
The primary purposes of the departments are to protect the agricultural industry, environment, and the public health, safety and welfare. Provisions in the real property tax laws allow for preferential treatment of agricultural lands that enter into contracts to remain in agricultural use known as the Williamson Act.
The recent passage of the Sustainable Groundwater Management Act will likely shape the future of agricultural water use in the region, restricting access to water in the southern area of the Central Valley where over-drafting of water has led to significant subsidence.
Halford Ranch is located in The Oasis of California with abundant, sustainable access to water. Learn more about The Oasis here.
The Sponsor and Chief Executive Officer is George R. Bravante, Jr. Mr. Bravante was the President and COO of Colony Advisors. He oversaw all aspects of the firm’s operations, including financial management, asset/property management, and dispositions. Additionally, George served as President and COO of the American Realty Group, where he was responsible for the strategic management, restructuring and disposition of more than $20 billion in real estate-related assets.
Mr. Bravante currently serves as the CEO of Pacific Agriculture Realty, LP, an agricultural real estate fund. Mr. Bravante also sits on the board of directors of publicly traded KBS Growth and Income REIT, as well as the board of directors and audit committee of Sabre Corp. (NYSE: SABR). Mr. Bravante is also the founder of Bravante Produce which he started in 2005.
Previously, George was the Chief Financial Officer of RMB Realty (Bass brothers), and Manager of Ernst & Whinney (now Ernst & Young LLP), where he advised real estate developers and financial institutions as a member of the real estate consulting group.
Mr. Bravante served on the board of directors as Chairman for ExpressJet Holdings from 2004 through 2010, as well as the board of directors of Sunkist Growers, Inc. from 2001 through 2014. He is the Managing Partner of 2,400 acres of permanent cropland in the San Joaquin Valley and has invested in producing agricultural since 1997.
Watch George discuss his background and investment philosophy in this video.
An approximately 100 gross acre Viscarra Ranch citrus farm (approx. 92 acres net) combined with approx. 39 gross acres of table grapes (approx. 35 acres net) in the Savage Ranch, both in Irrigation Districts with abundant, sustainable water supplies in the heart of The Oasis of California's Central Valley.
This offering is fully subscribed. Please join the waitlist for our next offering.
|Targeted Equity Multiple:||2.72x|
|Targeted Investment Period:||10+ years|
Any investments being offered are pursuant to an exemption from registration under Regulation D of the Securities Act of 1933, specifically Section 506(c). As such, only investors who are verified as being “accredited investors” will be able to invest in this opportunity, and only upon receipt, review and execution of the definitive offering documents. Please refer to www.SEC.gov for further guidance regarding accreditation.