- Continues Programmatic Investing with Two Developers -
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that
it has closed $20.6 million of new self-storage development investment
commitments as follows:
-
$12.5 million in a proposed multi-story climate-controlled 941-unit
facility in Atlanta, Georgia. The proposed 83,000 net rentable square
foot facility will be a ground-up project at 2033 Monroe Drive, highly
visible from I-85 and located just off an exit ramp near high-end
multifamily and retailers, including Apple Store, Restoration
Hardware, Publix, Nordstrom and Neiman Marcus. Construction is
expected to begin in July 2017 and be completed in the third quarter
2018. RRB Development, LLC, headquartered in Atlanta, is the developer
of the proposed project. This is the fifth self-storage development in
which the Company and RRB Development have co-invested.
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$8.1 million in a proposed multi-story climate-controlled 684-unit
facility in Largo, Florida, a suburb of Tampa. The proposed 71,000 net
rentable square foot facility will be a ground-up project located at
Ulmerton Road and 90th Street, a highly-traveled
thoroughfare between Tampa/St. Petersburg and the Gulf coast beaches.
Construction is expected to begin in July 2017 and be completed in the
second quarter 2018. Phillips Development & Realty, headquartered in
Tampa, is the developer of the proposed project. The Company and
Phillips have co-invested in one other self-storage development
project.
Since January 1, 2017, the Company has closed 13 investments in new
self-storage projects for an aggregate commitment amount of $155.6
million. Each of these facilities will be managed by CubeSmart upon
completion.
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/20170502006862/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations, 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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