Jernigan Capital Inc has invested $14.7 million in a Miami-based proposed self-storage facility. Construction will begin during the first quarter of 2018 with the facility expected to open in the second quarter of 2019. The proposed project’s developer is Self Storage Associates Inc./Richard Beavers.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $14.7 million investment commitment in a proposed multi-story, all climate-controlled self-storage facility in Miami, Florida. The proposed 69,175 net rentable square foot facility will be a ground-up project located at 4250 S.W. 8th Street in Miami. The proposed facility, located in the Little Gables neighborhood between Miami and Coral Gables, will serve a high growth submarket largely occupied by renters. The site is along U.S. 41, a main east-west artery into downtown Miami with a traffic count of approximately 35,000 cars per day.
The proposed facility is approximately one mile from the central business district of Coral Gables, home to luxury hotels such as the Biltmore Miami and numerous dining establishments, gourmet shops and international retailers. The site is approximately two miles from the University of Miami. Construction is expected to begin during the first quarter of 2018, and the facility is expected to open in the second quarter of 2019. Self Storage Associates Inc./Richard Beavers, headquartered in Ocoee, Florida, is the developer of the proposed project. The Company and Self Storage Associates have co-invested in four other self-storage development projects.
Since January 1, 2017, the Company has closed 23 investments in new self-storage projects for an aggregate commitment amount of $296.4 million.
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.