—High visibility location in densely populated, underserved
sub-market—
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. [NYSE:JCAP] [the “Company”] announced today that
it has closed a $20.1 million investment in Miami, Florida. The proposed
all climate controlled self-storage project will consist of a single
eight-story building with approximately 96,295 net rentable square feet.
The project will be constructed in the Little Havana section of Miami on
NW 27th Street, between the Dolphin Expressway and Tamiami Trail. This
sub-market is a high growth, densely populated (estimated 120,000
people) residential area that currently offers limited self-storage
choices (currently less than 4.0 square feet per person and
approximately 4.5 square feet per capita including proposed facility).
The area is characterized by small single-family residences and
apartments, with an estimated 69% of the population living in rental
housing. NW 27th Street is a major north-south retail thoroughfare
carrying over 48,000 vehicles per day. The ground floor of the facility
has been designed to provide off-street parking and loading areas plus a
convenient drive around feature that will allow for easy and safe
ingress and egress to NW 27th Street.
Construction is expected to begin in the second quarter of 2018 and to
be completed in the third quarter of 2019. Mequity, LLC., based in
Atlanta, Georgia, is the developer of the proposed project. This will be
the fourth development project in which the Company and Mequity 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
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/20171116006541/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: (901) 567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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