Jernigan Capital Inc has closed three new self-storage development projects at a total of $49.7 million. The investments were $26.5 million in a New York City-based proposed multi-story climate controlled facility; $9.1 million and $14.1 million in similar facilities in Knoxville, Tennessee and the greater Boston area, respectively.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed three new self-storage development investment commitments totaling $49.7 million as follows:
$26.5 million in a proposed 40,593 net rentable square feet, 1,424-unit multi-story climate controlled facility in New York City. The proposed facility will involve conversion of a multi-story building that has for many years been utilized previously for storage. The facility is located at 465 W 150th Street in Upper Manhattan. The neighborhood is almost exclusively residential and is home to various parks and recreational centers. Nearby educational institutions include City College of New York and Columbia University. Construction is expected to begin in the third quarter of 2017 and be completed by the end of second quarter of 2018. Mequity, LLC based in Atlanta, Georgia, is the developer of the proposed project. This will be the second development project in which Jernigan Capital and Mequity have co-invested.
$14.1 million in a proposed 93,738 net rentable square feet, 951-unit multi-story primarily climate controlled facility in the Boston MSA. The proposed facility will be a ground-up project located on Boston Post Road, an active thoroughfare for commuters and a retail heavy corridor. The location is less than a mile from both Target and Home Depot anchored shopping centers and will be visible to over 20,000 cars per day. This proposed facility will serve Boston and surrounding suburbs including Wayland, Saxonville, Sudbury, Framingham, and Hudson. Construction is expected to begin in the third quarter of 2017 and be completed by the end of the second quarter of 2018. Marlboro Storage Members (“MSM”), LLC based in Newton, Massachusetts is the developer of the proposed project. This is the first project in which the Company and MSM have co-invested.
$9.1 million in a proposed multi-story climate-controlled, 758-unit facility in Knoxville, Tennessee. The proposed facility will be a ground up development on Kingston Highway/Interstate 40 at the West Hills Interchange. The West Hills section of Knoxville has enjoyed extensive commercial development over the years while still maintaining its residential character and desirability. Construction is expected to begin immediately and be completed in the second quarter of 2018. Pamlico Investments, LLC – based in Charlotte, North Carolina, is the developer of the proposed project. This is the fifth development project in which The Company and Pamlico have co-invested.
Since January 1, 2017, the Company has closed 19 investments in new self-storage projects for an aggregate commitment amount of $236.0 million. Each of these facilities will be managed by CubeSmart (NYSE: CUBE) 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.