Continues Programmatic Investing with Three Developers
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that
it has closed $29.5 million of new self-storage development investment
commitments during April 2017. The investment commitments include:
$8.5 million in a proposed multi-story climate-controlled 642 unit
facility in Louisville, Kentucky. The proposed 66,000 net rentable
square foot facility will be a ground-up project at 2801 N.
Hurstbourne Parkway, a main north/south thoroughfare in a dense, high
income, underserved area of Louisville. Construction is expected to
begin next week and be completed in the second quarter 2018. Storage
Development Partners, LLC, headquartered in Memphis, Tennessee, is the
developer of the proposed project. This is the second self-storage
development in which the Company and Storage Development Partners have
$11.2 million in a proposed multi-story climate-controlled 795 unit
facility in Denver. The proposed 75,000 net rentable square foot
facility will be a ground-up project located on S. Wadsworth Blvd,
less than a mile from U.S. 285, a multi-lane east/west highway into
the Rocky Mountains. Wadsworth is a primary north/south road into
downtown Denver, and the submarket is characterized by several
thousand new apartment units. Construction is expected to begin
immediately and be completed in the second quarter 2018. Pamlico
Investments, co-headquartered in Charlotte and Denver, is the
developer of the proposed project. The Company and Pamlico Investments
have co-invested in three other self-storage development projects.
$9.8 million in a proposed multi-story climate-controlled 688 unit
facility in Denver. The proposed 59,000 net rentable square foot
facility will be a ground-up project located in the dense Lakewood
submarket, approximately one mile from Belmar, a 1.1 million square
feet upscale mixed-use development containing high-end retailers,
restaurants and office, and surrounded by over 2,000 new apartment
units. Construction is expected to begin in July 2017 and be completed
in the second quarter 2018. Structure Development LLC, headquartered
in Orlando, is the developer of the proposed project. This is the
second self-storage development in which the Company and Structure
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
This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of. 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.
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Jernigan Capital, Inc.
Investor Relations: (901) 567-9580
Source: Jernigan Capital, Inc.
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