Jernigan Capital, Inc. Closes Tampa Self-Storage Development Investment
May 22 2017 - 7:00AM
Business Wire
– Company Completes 14 Investments for
$164.8 Million in 2017 –
Jernigan Capital, Inc. (NYSE:JCAP) who provides debt and equity
capital to private developers, owners, and operators of
self-storage facilities announced today that it has closed a $9.2
million self-storage development investment commitment in Tampa,
Florida. The proposed 70,888 net rentable square foot facility will
be well-located in an area of the Tampa MSA that is experiencing
significant population growth. This will be a ground-up project
located on Falkenburg Rd. at the Selmon Expressway less than a mile
from Top Golf, Bass Pro Shop, and Westfield Brandon Shopping
Centre, a high-end shopping mall that features prominent national
retailers and restaurants. Construction is expected to start near
the beginning of third quarter 2017 and be completed by the end of
second quarter 2018. Phillips Development & Realty,
headquartered in Tampa, is the developer of the proposed project.
The Company and Phillips have co-invested in two other self-storage
development projects.
Since January 1, 2017, the Company has closed 14 investments in
new self-storage projects for an aggregate commitment amount of
$164.8 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
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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version on businesswire.com: http://www.businesswire.com/news/home/20170522005460/en/
Jernigan Capital, Inc.Investor Relations:
901-567-9580Investorrelations@jernigancapital.com
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