Jernigan Capital, Inc. Closes Jacksonville Self-Storage Development Investment and Announces Opening of Three Newly-Developed Self-Storage Facilities
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed an $8.0 million investment in a proposed multi-story climate-controlled 749 unit facility in Jacksonville, Florida. The proposed 68,700 net rentable square foot facility will be a ground-up project located on Edison Ave. and will be visible from both Interstates 10 and 95. The proposed facility, which is approximately a half mile from downtown Jacksonville, will operate less than a mile from Brooklyn Station, a new Fresh Market-anchored retail destination and near several new, upscale apartment communities. Construction is expected to begin in the fourth quarter of 2017 and be completed in the fourth quarter of 2018. Structure Development LLC is the developer of the proposed project, and this is the third self-storage development in which the Company and Structure Development have co-invested.
The company also announced today that three additional facilities in which it has invested have opened for business:
- the 584-unit multi-story climate-controlled self-storage facility in Pittsburgh, Pennsylvania in which the Company holds a $5.3 million investment and 49.9% profits interest;
- the 287-unit addition to its existing Ocoee self-storage facility in Orlando, Florida, in which addition the Company holds a $5.1 million investment and 49.9% profits interest; and
- the 787-unit multi-story climate-controlled self-storage facility in Jacksonville, Florida, in which Storage Partners, LLC, the Company’s joint venture with Heitman and an institutional investor, holds an $8.1 million investment and a 49.9% profits interest;
Each of these facilities is managed by CubeSmart (NYSE: CUBE).
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.
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, including statements regarding total availability under the credit facility and the availability of the accordion feature of the facility, 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.