Jernigan Capital, Inc. Closes Investment in Attractive Miami Submarket
September 18 2017 - 7:00AM
Business Wire
-$14.7 Million Investment Commitment is
Fifth Florida Investment with Experienced Florida Self-Storage
Developer-
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced
today that it has closed a $14.7 million investment commitment in a
proposed multi-story, all climate-controlled self-storage facility
in Miami, Florida. The proposed 69,175 net rentable square foot
facility will be a ground-up project located at 4250 S.W. 8th
Street in Miami. The proposed facility, located in the Little
Gables neighborhood between Miami and Coral Gables, will serve a
high growth submarket largely occupied by renters. The site is
along U.S. 41, a main east-west artery into downtown Miami with a
traffic count of approximately 35,000 cars per day.
The proposed facility is approximately one mile from the central
business district of Coral Gables, home to luxury hotels such as
the Biltmore Miami and numerous dining establishments, gourmet
shops and international retailers. The site is approximately two
miles from the University of Miami. Construction is expected to
begin during the first quarter of 2018, and the facility is
expected to open in the second quarter of 2019. Self Storage
Associates Inc./Richard Beavers, headquartered in Ocoee, Florida,
is the developer of the proposed project. The Company and Self
Storage Associates have co-invested in four other self-storage
development projects.
Since January 1, 2017, the Company has closed 23 investments in
new self-storage projects for an aggregate commitment amount of
$296.4 million.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170918005415/en/
Jernigan Capital, Inc.Investor Relations:
901-567-9580Investorrelations@jernigancapital.com
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