Jernigan Capital Inc has invested $8 million in a Jacksonville, Florida-based proposed multistory climate-controlled 749-unit facility. Construction is expected to begin in the fourth quarter of this year and will be finished in the fourth quarter of 2018.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed an $8.0 million investment in a proposed multi-story climate-controlled 749 unit facility in Jacksonville, Florida. The proposed 68,700 net rentable square foot facility will be a ground-up project located on Edison Ave. and will be visible from both Interstates 10 and 95. The proposed facility, which is approximately a half mile from downtown Jacksonville, will operate less than a mile from Brooklyn Station, a new Fresh Market-anchored retail destination and near several new, upscale apartment communities. Construction is expected to begin in the fourth quarter of 2017 and be completed in the fourth quarter of 2018. Structure Development LLC is the developer of the proposed project, and this is the third self-storage development in which the Company and Structure Development have co-invested.
The company also announced today that three additional facilities in which it has invested have opened for business:
the 584-unit multi-story climate-controlled self-storage facility in Pittsburgh, Pennsylvania in which the Company holds a $5.3 million investment and 49.9% profits interest;
the 287-unit addition to its existing Ocoee self-storage facility in Orlando, Florida, in which addition the Company holds a $5.1 million investment and 49.9% profits interest; and
the 787-unit multi-story climate-controlled self-storage facility in Jacksonville, Florida, in which Storage Partners, LLC, the Company’s joint venture with Heitman and an institutional investor, holds an $8.1 million investment and a 49.9% profits interest;
Each of these facilities is managed by CubeSmart (NYSE: CUBE).
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.