Jernigan Capital Closes $20.1 Million Investment in Miami
November 16 2017 - 6:01PM
Business Wire
—High visibility location in densely
populated, underserved sub-market—
Jernigan Capital, Inc. [NYSE:JCAP] [the “Company”] announced
today that it has closed a $20.1 million investment in Miami,
Florida. The proposed all climate controlled self-storage project
will consist of a single eight-story building with approximately
96,295 net rentable square feet.
The project will be constructed in the Little Havana section of
Miami on NW 27th Street, between the Dolphin Expressway and Tamiami
Trail. This sub-market is a high growth, densely populated
(estimated 120,000 people) residential area that currently offers
limited self-storage choices (currently less than 4.0 square feet
per person and approximately 4.5 square feet per capita including
proposed facility). The area is characterized by small
single-family residences and apartments, with an estimated 69% of
the population living in rental housing. NW 27th Street is a major
north-south retail thoroughfare carrying over 48,000 vehicles per
day. The ground floor of the facility has been designed to provide
off-street parking and loading areas plus a convenient drive around
feature that will allow for easy and safe ingress and egress to NW
27th Street.
Construction is expected to begin in the second quarter of 2018
and to be completed in the third quarter of 2019. Mequity, LLC.,
based in Atlanta, Georgia, is the developer of the proposed
project. This will be the fourth development project in which the
Company and Mequity 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
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/20171116006541/en/
Jernigan Capital, Inc.Investor Relations: (901)
567-9580Investorrelations@jernigancapital.com
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