Jernigan Capital has closed a $13.6 million self-storage development project in Vinings, Georgia. Jernigan co-invested with Mequity LLC, the project’s developer. Construction is slated to begin in the second quarter with the completion designated for the second quarter of 2018.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $13.6 million self-storage development investment in Vinings, Georgia. Construction is expected to commence in the second quarter, with completion of the project expected in the second quarter 2018. Mequity, LLC, headquartered in Atlanta, is the developer of the proposed project. This is the first self-storage development in which the Company and Mequity have co-invested.
The project involves conversion of an existing building and construction of an additional connected building, providing an integrated multi-story state-of-the-art, all climate-controlled facility. The proposed 103,561 net rentable square foot, 1,118 unit facility is conveniently located just off an exit to the heavily-travelled I-285 loop around Atlanta. This facility will serve the Vinings/Smyrna area, a rapidly growing suburb northwest of Atlanta that is home to the Atlanta Braves’ new baseball stadium.
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.