MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that
it has closed a $11.7 million investment in a proposed conversion of an
existing building into a multi-story climate controlled 813-unit
self-storage project in Minneapolis, Minnesota.
The proposed 83,114 net rentable square feet facility will be located on
3216 Winnetka Ave, 6 miles northwest of downtown Minneapolis. The site
is located within the New Hope community on a highly-traveled local road
and in close proximity to major national retailers including Super
Target, Target, Whole Foods, Apple, Walmart, and Nordstrom. In addition,
the submarket is benefiting from 10 new luxury multi-family communities
renting one-bedroom units at rates of $24 per square foot. The
Minneapolis market contains eight large corporate headquarters
recruiting new people to the area. To accommodate the high traffic
around the proposed facility, plans provide for a convenient ground
floor drive-through to facilitate customer access and relieve congestion.
Construction is expected to begin in the second quarter of 2018 and to
be completed in the second quarter of 2019. Cascade Storage Partners,
LLC., based in Charlotte, North Carolina, is the developer of the
proposed project. This will be the seventh development project in which
the Company and Cascade or its affiliates, including Pamlico
Investments, Inc., have 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
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/20180208006522/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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