Jernigan Capital Inc has invested $14.7 million in a proposed North Bergen, New Jersey-based climate-controlled self-storage project. Construction is expected to begin within thirty days and to be completed in the first quarter of 2019. Atlanta-based Mequity LLC is the developer of the proposed project.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $14.7 million investment in North Bergen, New Jersey. The investment, a proposed all climate controlled self-storage project, will consist of a single seven-story all climate controlled building with approximately 68,000 net rentable square feet.
The project will be located just across the Hudson River from Manhattan on John F. Kennedy Boulevard, a busy north south corridor, which carries 33,000 vehicles per day in local traffic as well as residents commuting into Manhattan via the Lincoln Tunnel. In addition to North Bergen, the facility will also serve Union City, West New York and Guttenberg. The sub-market is a densely populated, heavy multi-family residential area that currently offers limited self-storage choices. Construction is expected to begin within thirty days and to be completed in the first quarter of 2019. Mequity, LLC, headquartered in Atlanta, GA, is the developer of the proposed project. The Company and Mequity have co-invested in two other self-storage development projects.
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.