Jernigan Capital Inc has closed a $14.1 million Atlanta-based development project of a facility slated to provide climate-controlled storage near the Georgia Tech campus. Jernigan co-invested with RRB Development. The construction is expected to begin in the second quarter of this year, with the project to be completed in the second quarter of 2018.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that it has closed a $14.1 million ground-up development investment in Atlanta, Georgia. The proposed 92,935 net rentable square feet, 1,049 unit multi-story facility will provide state-of-the-art, all climate-controlled storage to the rapidly growing West Midtown area near the Georgia Tech campus. Construction is expected to commence in the second quarter with completion expected in the second quarter of 2018. RRB Development, LLC, headquartered in Atlanta, is the developer of the proposed project. This is the fourth self-storage development in which the Company and RRB Development 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.