Jernigan Capital Inc has invested $20.1 million in Miami-based self-storage project. Construction is expected to begin in the second quarter of 2018 and to be completed in the third quarter of 2019. Mequity, LLC is serving as the developer of the proposed project.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. [NYSE:JCAP] [the “Company”] announced today that it has closed a $20.1 million investment in Miami, Florida. The proposed all climate controlled self-storage project will consist of a single eight-story building with approximately 96,295 net rentable square feet.
The project will be constructed in the Little Havana section of Miami on NW 27th Street, between the Dolphin Expressway and Tamiami Trail. This sub-market is a high growth, densely populated (estimated 120,000 people) residential area that currently offers limited self-storage choices (currently less than 4.0 square feet per person and approximately 4.5 square feet per capita including proposed facility). The area is characterized by small single-family residences and apartments, with an estimated 69% of the population living in rental housing. NW 27th Street is a major north-south retail thoroughfare carrying over 48,000 vehicles per day. The ground floor of the facility has been designed to provide off-street parking and loading areas plus a convenient drive around feature that will allow for easy and safe ingress and egress to NW 27th Street.
Construction is expected to begin in the second quarter of 2018 and to be completed in the third quarter of 2019. Mequity, LLC., based in Atlanta, Georgia, is the developer of the proposed project. This will be the fourth development project in which the Company and Mequity have co-invested.
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.