Jernigan Capital, Inc. Closes $29.5 Million of New Self-Storage Development Investments
Continues Programmatic Investing with Three Developers
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed $29.5 million of new self-storage development investment commitments during April 2017. The investment commitments include:
- $8.5 million in a proposed multi-story climate-controlled 642 unit facility in Louisville, Kentucky. The proposed 66,000 net rentable square foot facility will be a ground-up project at 2801 N. Hurstbourne Parkway, a main north/south thoroughfare in a dense, high income, underserved area of Louisville. Construction is expected to begin next week and be completed in the second quarter 2018. Storage Development Partners, LLC, headquartered in Memphis, Tennessee, is the developer of the proposed project. This is the second self-storage development in which the Company and Storage Development Partners have co-invested.
- $11.2 million in a proposed multi-story climate-controlled 795 unit facility in Denver. The proposed 75,000 net rentable square foot facility will be a ground-up project located on S. Wadsworth Blvd, less than a mile from U.S. 285, a multi-lane east/west highway into the Rocky Mountains. Wadsworth is a primary north/south road into downtown Denver, and the submarket is characterized by several thousand new apartment units. Construction is expected to begin immediately and be completed in the second quarter 2018. Pamlico Investments, co-headquartered in Charlotte and Denver, is the developer of the proposed project. The Company and Pamlico Investments have co-invested in three other self-storage development projects.
- $9.8 million in a proposed multi-story climate-controlled 688 unit facility in Denver. The proposed 59,000 net rentable square foot facility will be a ground-up project located in the dense Lakewood submarket, approximately one mile from Belmar, a 1.1 million square feet upscale mixed-use development containing high-end retailers, restaurants and office, and surrounded by over 2,000 new apartment units. Construction is expected to begin in July 2017 and be completed in the second quarter 2018. Structure Development LLC, headquartered in Orlando, is the developer of the proposed project. This is the second self-storage development in which the Company and Structure Development 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.
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of. 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.