Jernigan Capital, Inc. Closes Boston Area Self-Storage Development
December 04 2017 - 4:15PM
Business Wire
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced
today that it has closed a $8.7 million investment in a proposed
multi-story, climate-controlled 719 unit facility in Salem, NH, a
growing suburb of Boston, MA.
The proposed 74,625 net rentable square foot facility will be a
ground-up, three-story project located at 10 Hampshire Road
situated off of Broadway (Route 28) providing visibility to over
20,000 cars per day and easy access to Interstate 93, the primary
commuter artery into Boston.
The City of Salem, located roughly 25 miles from Downtown
Boston, sits on the border of New Hampshire and Massachusetts. In
addition to Salem, the proposed facility will also serve the towns
of Methuen, MA and Lawrence, MA. The submarket has a population of
over 100,000, of which over 50% live in multi-family housing, and
has a self-storage square footage per capita below the national
average. Currently the market is served by big box retailers such
as Target, Home Depot, and Apple. The proposed project will sit
directly across Broadway from a Lowe’s-anchored shopping
center.
Construction is expected to begin in Q1 2018 to and be completed
in Q4 2018. 603 Storage -headquartered in Northwood, NH- is the
developer of the proposed project. This is the first project on
which 603 Storage and the Company 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/20171204006043/en/
Jernigan Capital, Inc.Investor Relations: (901)
567-9580Investorrelations@jernigancapital.com
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