Jernigan has invested $8.9 million in a proposed Raleigh, North Carolina-based storage development project. The investment was made via Storage Lenders LLC, Jernigan’s joint venture with Heitman Capital Management and an unnamed institutional partner. Phillips Development and Realty LLC is serving as the developer of the project.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $8.9 million development investment in Raleigh, North Carolina. The investment was made through Storage Lenders I, LLC, the Company’s joint venture with Heitman Capital Management and an institutional partner (the “Heitman joint venture”). With this investment, the Heitman joint venture is fully committed. The 65,110 net rentable square feet, 756 unit multi-story facility will provide state-of-the-art, all climate-controlled storage in the rapidly growing Brier Creek community of Raleigh. Phillips Development and Realty, LLC, headquartered in Tampa, Florida, is the developer of the proposed project. This is the first self-storage development in which the Company and Phillips 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.