Jernigan Capital has closed two new self-storage development investments at $20.6 million. They include $12.5 million in a proposed Atlanta-based multi-story climate-controlled 941-unit facility and $8.1 million in a proposed multi-story climate-controlled 684-unit facility in Largo, Florida.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that it has closed $20.6 million of new self-storage development investment commitments as follows:
$12.5 million in a proposed multi-story climate-controlled 941-unit facility in Atlanta, Georgia. The proposed 83,000 net rentable square foot facility will be a ground-up project at 2033 Monroe Drive, highly visible from I-85 and located just off an exit ramp near high-end multifamily and retailers, including Apple Store, Restoration Hardware, Publix, Nordstrom and Neiman Marcus. Construction is expected to begin in July 2017 and be completed in the third quarter 2018. RRB Development, LLC, headquartered in Atlanta, is the developer of the proposed project. This is the fifth self-storage development in which the Company and RRB Development have co-invested.
$8.1 million in a proposed multi-story climate-controlled 684-unit facility in Largo, Florida, a suburb of Tampa. The proposed 71,000 net rentable square foot facility will be a ground-up project located at Ulmerton Road and 90th Street, a highly-traveled thoroughfare between Tampa/St. Petersburg and the Gulf coast beaches. Construction is expected to begin in July 2017 and be completed in the second quarter 2018. Phillips Development & Realty, headquartered in Tampa, is the developer of the proposed project. The Company and Phillips have co-invested in one other self-storage development project.
Since January 1, 2017, the Company has closed 13 investments in new self-storage projects for an aggregate commitment amount of $155.6 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.