Jernigan Capital, Inc. Closes Approximately $50 Million of New Self-Storage Development Investments
05 July 2017 - 9:00PM
Business Wire
-Initial Investment Commitment in New York
City-
-Adds New Developer and Continues
Programmatic Investing with Two Developers-
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced
today that it has closed three new self-storage development
investment commitments totaling $49.7 million as follows:
- $26.5 million in a proposed 40,593 net
rentable square feet, 1,424-unit multi-story climate controlled
facility in New York City. The proposed facility will involve
conversion of a multi-story building that has for many years been
utilized previously for storage. The facility is located at 465 W
150th Street in Upper Manhattan. The neighborhood is almost
exclusively residential and is home to various parks and
recreational centers. Nearby educational institutions include City
College of New York and Columbia University. Construction is
expected to begin in the third quarter of 2017 and be completed by
the end of second quarter of 2018. Mequity, LLC based in Atlanta,
Georgia, is the developer of the proposed project. This will be the
second development project in which Jernigan Capital and Mequity
have co-invested.
- $14.1 million in a proposed 93,738 net
rentable square feet, 951-unit multi-story primarily climate
controlled facility in the Boston MSA. The proposed facility will
be a ground-up project located on Boston Post Road, an active
thoroughfare for commuters and a retail heavy corridor. The
location is less than a mile from both Target and Home Depot
anchored shopping centers and will be visible to over 20,000 cars
per day. This proposed facility will serve Boston and surrounding
suburbs including Wayland, Saxonville, Sudbury, Framingham, and
Hudson. Construction is expected to begin in the third quarter of
2017 and be completed by the end of the second quarter of 2018.
Marlboro Storage Members (“MSM”), LLC based in Newton,
Massachusetts is the developer of the proposed project. This is the
first project in which the Company and MSM have co-invested.
- $9.1 million in a proposed multi-story
climate-controlled, 758-unit facility in Knoxville, Tennessee. The
proposed facility will be a ground up development on Kingston
Highway/Interstate 40 at the West Hills Interchange. The West Hills
section of Knoxville has enjoyed extensive commercial development
over the years while still maintaining its residential character
and desirability. Construction is expected to begin immediately and
be completed in the second quarter of 2018. Pamlico Investments,
LLC - based in Charlotte, North Carolina, is the developer of the
proposed project. This is the fifth development project in which
The Company and Pamlico have co-invested.
Since January 1, 2017, the Company has closed 19 investments in
new self-storage projects for an aggregate commitment amount of
$236.0 million. Each of these facilities will be managed by
CubeSmart (NYSE: CUBE) 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
and other federal securities laws, including statements regarding
our future performance, our second quarter 2017 earnings guidance
and full year 2017 updated earnings guidance, including related key
assumptions, future profits from investments, our anticipated loan
closings, our access to capital and our ability to fund our
existing loan commitments. 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.
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Jernigan Capital, Inc.Investor Relations:
901-567-9580Investorrelations@jernigancapital.com
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