Jernigan Capital has closed a $10.3 million self-storage development project in Petersburg, Florida. The project will feature 310 apartment units and a restaurant. Construction on the project is expected to begin in the third quarter of this year and will be finished in the third quarter of 2018.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) who provides debt and equity capital to private developers, owners, and operators of self-storage facilities announced today that it has closed a $10.3 million self-storage development investment commitment in St. Petersburg, Florida. The proposed $10.3 million multi-story climate-controlled 73,500 net rentable square foot, 811-unit facility will be a ground-up project located on 30th Ave. S between 34th St. S and I-275. The proposed facility is sited at the northern entrance to the growing Skyway Marina District of St. Petersburg. The project will be a part of a mixed-use development that also features 310 apartment units and a restaurant.
The facility will also serve the Tierra Verde and St. Petersburg Beach markets given its high visibility on I-275. Construction is expected to start in the third quarter 2017 and be completed in the third quarter 2018. Phillips Development & Realty, headquartered in Tampa, is the developer of the proposed project. The Company and Phillips have co-invested in three other self-storage development projects.
Since January 1, 2017, the Company has closed 15 investments in new self-storage projects for an aggregate commitment amount of $175.1 million. Each of these facilities will be managed by CubeSmart upon completion.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate investment trust (NYSE: JCAP) that provides debt and equity capital to private developers, owners, and operators of self-storage facilities. Our mission is to be the preeminent capital partner for self-storage entrepreneurs nationwide by offering creative solutions through an experienced team demonstrating the highest levels of integrity, dedication, excellence and community, while maximizing shareholder value. The Jernigan Capital team has extensive experience in over 100 U.S. markets—from acquiring and managing self-storage properties to new self-storage development—providing JCAP with knowledge unmatched by any lender, broker or advisor to the sector. Jernigan Capital is the only source of construction and development capital focused solely on the self-storage sector.