Jernigan Capital Inc has invested $9 million in an Orlando, Florida-based proposed multi-story climate-controlled 779-unit facility. Construction is expected to begin in January 2018 and will be finished in the first quarter of 2019. Dean Road Self Storage and Cassaforte LLC are the project’s developers.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $9.0 million investment in a proposed multi-story climate-controlled 779-unit facility in Orlando, Florida.
The proposed 77,125 net rentable square foot facility will be a ground-up project located on 9001 Eastmar Commons Orlando, FL, visible to 33,000 cars per day from highways 408 and 417 in a rapidly growing area of the Orlando MSA. Within two miles of the proposed facility are 1,000 new multi-family units and the Waterford Lakes Town Center featuring several national restaurant chains and retailers.
Construction is expected to begin in January 2018 and be completed in the first quarter of 2019. Dean Road Self Storage, headquartered in Orlando, Florida, and Cassaforte LLC are the developers of the proposed project. This is the first self-storage development project between the Company and these developers.
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.