Jernigan Capital Inc has invested $10.6 million in a Dover, New Jersey-based multi-story climate-controlled 836-unit facility. The construction is expected to begin in the first quarter of 2018 and be completed in early 2019. Orlando, Florida-based Structure Development is the proposed project’s developer.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $10.6 million investment in a proposed multi-story, climate-controlled 836-unit facility in Dover, New Jersey, approximately 30 miles west of Manhattan, that will serve the communities of Dover, Rockaway, Mine Hill, and Wharton, among others. This is the Company’s second investment in the underserved northern New Jersey market.
The proposed 78,425 net rentable square foot facility will be a ground-up, three-story project located at 2 Commerce Center Drive situated directly off of Mt. Pleasant Avenue, a major thoroughfare with a daily traffic count of approximately 30,000 cars. The site is approximately one mile from a major exit off of Interstate 80 that is the primary access point to the popular Rockaway Townsquare mall, a super-regional shopping destination directly across Mt. Pleasant Avenue from the site of the proposed facility.
The mall is home to over 170 stores including high end retailers like Apple, Coach, J. Crew, Macy’s, and Lord & Taylor. The immediate trade area is also is served by big box retailers including Target, Home Depot, and Costco.
Construction is expected to begin in the first quarter of 2018 to and be completed in early 2019. Structure Development – headquartered in Orlando, FL – is the developer of the proposed project. This is the fourth project in which Structure 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.