Jernigan Capital, Inc. Closes $29.5 Million of New Self-Storage Development Investments
April 21 2017 - 7:30AM
Business Wire
Continues Programmatic Investing with Three
Developers
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced
today that it has closed $29.5 million of new self-storage
development investment commitments during April 2017. The
investment commitments include:
- $8.5 million in a proposed multi-story
climate-controlled 642 unit facility in Louisville, Kentucky. The
proposed 66,000 net rentable square foot facility will be a
ground-up project at 2801 N. Hurstbourne Parkway, a main
north/south thoroughfare in a dense, high income, underserved area
of Louisville. Construction is expected to begin next week and be
completed in the second quarter 2018. Storage Development Partners,
LLC, headquartered in Memphis, Tennessee, is the developer of the
proposed project. This is the second self-storage development in
which the Company and Storage Development Partners have
co-invested.
- $11.2 million in a proposed multi-story
climate-controlled 795 unit facility in Denver. The proposed 75,000
net rentable square foot facility will be a ground-up project
located on S. Wadsworth Blvd, less than a mile from U.S. 285, a
multi-lane east/west highway into the Rocky Mountains. Wadsworth is
a primary north/south road into downtown Denver, and the submarket
is characterized by several thousand new apartment units.
Construction is expected to begin immediately and be completed in
the second quarter 2018. Pamlico Investments, co-headquartered in
Charlotte and Denver, is the developer of the proposed project. The
Company and Pamlico Investments have co-invested in three other
self-storage development projects.
- $9.8 million in a proposed multi-story
climate-controlled 688 unit facility in Denver. The proposed 59,000
net rentable square foot facility will be a ground-up project
located in the dense Lakewood submarket, approximately one mile
from Belmar, a 1.1 million square feet upscale mixed-use
development containing high-end retailers, restaurants and office,
and surrounded by over 2,000 new apartment units. Construction is
expected to begin in July 2017 and be completed in the second
quarter 2018. Structure Development LLC, headquartered in Orlando,
is the developer of the proposed project. This is the second
self-storage development in which the Company and Structure
Development 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. 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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