Prime Location in High Growth, Underserved Market
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that
it has closed a $14.7 million investment in North Bergen, New Jersey.
The investment, a proposed all climate controlled self-storage project,
will consist of a single seven-story all climate controlled building
with approximately 68,000 net rentable square feet.
The project will be located just across the Hudson River from Manhattan
on John F. Kennedy Boulevard, a busy north south corridor, which carries
33,000 vehicles per day in local traffic as well as residents commuting
into Manhattan via the Lincoln Tunnel. In addition to North Bergen, the
facility will also serve Union City, West New York and Guttenberg. The
sub-market is a densely populated, heavy multi-family residential area
that currently offers limited self-storage choices. Construction is
expected to begin within thirty days and to be completed in the first
quarter of 2019. Mequity, LLC, headquartered in Atlanta, GA, is the
developer of the proposed project. The Company and Mequity have
co-invested in two other self-storage development projects.
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/20171031006467/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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