Jernigan Capital Inc has invested $8.7 million in a Salem, New Hampshire-based multi-story climate-controlled 719-unit facility. The construction is expected to begin in the first quarter of 2018 and be completed in the fourth quarter of the same year.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $8.7 million investment in a proposed multi-story, climate-controlled 719 unit facility in Salem, NH, a growing suburb of Boston, MA.
The proposed 74,625 net rentable square foot facility will be a ground-up, three-story project located at 10 Hampshire Road situated off of Broadway (Route 28) providing visibility to over 20,000 cars per day and easy access to Interstate 93, the primary commuter artery into Boston.
The City of Salem, located roughly 25 miles from Downtown Boston, sits on the border of New Hampshire and Massachusetts. In addition to Salem, the proposed facility will also serve the towns of Methuen, MA and Lawrence, MA. The submarket has a population of over 100,000, of which over 50% live in multi-family housing, and has a self-storage square footage per capita below the national average. Currently the market is served by big box retailers such as Target, Home Depot, and Apple.
The proposed project will sit directly across Broadway from a Lowe’s-anchored shopping center.
Construction is expected to begin in Q1 2018 to and be completed in Q4 2018. 603 Storage -headquartered in Northwood, NH- is the developer of the proposed project. This is the first project on which 603 Storage and the Company 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.