Jernigan Capital Inc has invested $7.5 million in a proposed Jacksonville, Florida-784-unit multi-story facility that will provide climate-controlled storage. Also, the real estate investment firm has invested $5.1 million in an Ocoee, Florida-based multi-story self-storage facility. The capital infusion will be used to add 256 units to its already existing facility.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that on November 17, 2016 it closed two new on-balance sheet development investments in the Jacksonville and Orlando, Florida MSAs.
The Company made a $7.5 million investment commitment in a proposed 784 unit multi-story facility that will provide state-of-the-art, all climate-controlled storage in east Jacksonville, Florida. Construction of the facility is expected to begin immediately. PLG Properties, LLC, headquartered in Georgia, is the developer of the proposed project. This is the first self-storage development in which the Company and PLG Properties, LLC have co-invested.
In addition, the Company made a $5.1 million development investment commitment for an additional 256 units to be added to its existing facility in Ocoee, Florida, a suburb of Orlando. The proposed units will be constructed on land adjacent to the Company’s existing multi-story self-storage facility that opened in May 2016, which facility is currently 65% leased less than 7 months after it opened. Construction is expected to commence by the first week of December. Upon completion, the proposed 256 units will be managed by CubeSmart as part of the existing facility under the same management agreement. Storage Builders II, LLC, headquartered in the Orlando area, is the developer for both of these investments as well as one of the Company’s other Jacksonville investments.
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.