Jernigan Capital has closed a $9.2 million self-storage development project in Tampa, Florida. Construction on the project is expected to begin near the start of the third quarter of this year and will be finished by the end of the second 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 $9.2 million self-storage development investment commitment in Tampa, Florida. The proposed 70,888 net rentable square foot facility will be well-located in an area of the Tampa MSA that is experiencing significant population growth. This will be a ground-up project located on Falkenburg Rd. at the Selmon Expressway less than a mile from Top Golf, Bass Pro Shop, and Westfield Brandon Shopping Centre, a high-end shopping mall that features prominent national retailers and restaurants. Construction is expected to start near the beginning of third quarter 2017 and be completed by the end of second quarter 2018. Phillips Development & Realty, headquartered in Tampa, is the developer of the proposed project. The Company and Phillips have co-invested in two other self-storage development projects.
Since January 1, 2017, the Company has closed 14 investments in new self-storage projects for an aggregate commitment amount of $164.8 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.