-$14.7 Million Investment Commitment is Fifth Florida Investment with
Experienced Florida Self-Storage Developer-
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that
it has closed a $14.7 million investment commitment in a proposed
multi-story, all climate-controlled self-storage facility in Miami,
Florida. The proposed 69,175 net rentable square foot facility will be a
ground-up project located at 4250 S.W. 8th Street in Miami.
The proposed facility, located in the Little Gables neighborhood between
Miami and Coral Gables, will serve a high growth submarket largely
occupied by renters. The site is along U.S. 41, a main east-west artery
into downtown Miami with a traffic count of approximately 35,000 cars
per day.
The proposed facility is approximately one mile from the central
business district of Coral Gables, home to luxury hotels such as the
Biltmore Miami and numerous dining establishments, gourmet shops and
international retailers. The site is approximately two miles from the
University of Miami. Construction is expected to begin during the first
quarter of 2018, and the facility is expected to open in the second
quarter of 2019. Self Storage Associates Inc./Richard Beavers,
headquartered in Ocoee, Florida, is the developer of the proposed
project. The Company and Self Storage Associates have co-invested in
four other self-storage development projects.
Since January 1, 2017, the Company has closed 23 investments in new
self-storage projects for an aggregate commitment amount of $296.4
million.
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. 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/20170918005415/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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