Jernigan Capital has closed a $10.8 million investment in a self-storage development project in Baltimore, Maryland. The project is a proposed multi-story climate-controlled facility that will be a conversion of a former textiles office and warehouse.
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 $10.8 million self-storage development investment commitment in Baltimore, Maryland. The proposed 83,450 net rentable square feet, 993-unit multi-story climate controlled facility will be a conversion of a former textiles office and warehouse located on Washington Boulevard, a well-traveled thoroughfare in and out of downtown Baltimore. The location is less than half a mile from the Maryland Transit Authority, Carroll Park, and Carroll Golf Course, and directly across from Montgomery Park, home to the Maryland Department of the Environment, the Water Management Administration, and the Maryland Lottery & Gaming headquarters. The proposed facility will be one of few Class A facilities in the market and will serve neighborhoods like Catonsville, Arbutus, and Halethorpe, as well as Federal Hill, a popular community that is a destination for retail, dining, and entertainment for young professionals. Construction is expected to begin Q3 2017 and be completed in Q2 2018. 1835 Washington Self-Storage – headquartered in Annapolis, MD, is the developer of the proposed project. This is the first project in which The Company and Washington have co-invested.
Since January 1, 2017, the Company has closed 16 investments in new self-storage projects for an aggregate commitment amount of $186.3 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.