-Initial Investment Commitment in New York City-
-Adds New Developer and Continues Programmatic Investing with Two
Developers-
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that
it has closed three new self-storage development investment commitments
totaling $49.7 million as follows:
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$26.5 million in a proposed 40,593 net rentable square feet,
1,424-unit multi-story climate controlled facility in New York City.
The proposed facility will involve conversion of a multi-story
building that has for many years been utilized previously for storage.
The facility is located at 465 W 150th Street in Upper
Manhattan. The neighborhood is almost exclusively residential and is
home to various parks and recreational centers. Nearby educational
institutions include City College of New York and Columbia University.
Construction is expected to begin in the third quarter of 2017 and be
completed by the end of second quarter of 2018. Mequity, LLC based in
Atlanta, Georgia, is the developer of the proposed project. This will
be the second development project in which Jernigan Capital and
Mequity have co-invested.
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$14.1 million in a proposed 93,738 net rentable square feet, 951-unit
multi-story primarily climate controlled facility in the Boston MSA.
The proposed facility will be a ground-up project located on Boston
Post Road, an active thoroughfare for commuters and a retail heavy
corridor. The location is less than a mile from both Target and Home
Depot anchored shopping centers and will be visible to over 20,000
cars per day. This proposed facility will serve Boston and surrounding
suburbs including Wayland, Saxonville, Sudbury, Framingham, and
Hudson. Construction is expected to begin in the third quarter of 2017
and be completed by the end of the second quarter of 2018. Marlboro
Storage Members (“MSM”), LLC based in Newton, Massachusetts is the
developer of the proposed project. This is the first project in which
the Company and MSM have co-invested.
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$9.1 million in a proposed multi-story climate-controlled, 758-unit
facility in Knoxville, Tennessee. The proposed facility will be a
ground up development on Kingston Highway/Interstate 40 at the West
Hills Interchange. The West Hills section of Knoxville has enjoyed
extensive commercial development over the years while still
maintaining its residential character and desirability. Construction
is expected to begin immediately and be completed in the second
quarter of 2018. Pamlico Investments, LLC - based in Charlotte, North
Carolina, is the developer of the proposed project. This is the fifth
development project in which The Company and Pamlico have co-invested.
Since January 1, 2017, the Company has closed 19 investments in new
self-storage projects for an aggregate commitment amount of $236.0
million. Each of these facilities will be managed by CubeSmart (NYSE:
CUBE) upon completion.
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.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws, including statements regarding our future
performance, our second quarter 2017 earnings guidance and full year
2017 updated earnings guidance, including related key assumptions,
future profits from investments, our anticipated loan closings, our
access to capital and our ability to fund our existing loan commitments.
The ultimate occurrence of events and results referenced in these
forward-looking statements is subject to known and unknown risks and
uncertainties, many of which are beyond our control. These
forward-looking statements are based upon the Company's present
intentions and expectations, but the events and results referenced in
these statements are not guaranteed to occur. Investors should not place
undue reliance upon forward-looking statements. For a discussion of
these and other risks facing our business, see the information under the
heading “Risk Factors” in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) and our other filings with
the SEC from time to time, which are accessible on the SEC’s website at www.sec.gov.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170705005291/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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