MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it closed $61.7 million of new self-storage development investment commitments between February 23 and March 1. Including previously announced investments closed in January totaling $43.9 million, the Company has closed $105.6 million of new development investments in the first 60 days of 2017. The investment commitments include:
- $17.5 million in a proposed multi-story climate-controlled 1,104 unit facility in the Buckhead submarket of Atlanta. The proposed 85,000 net rentable square foot facility will be a ground-up project in one of Atlanta’s most affluent submarkets and will be located just off Peachtree Road, N.E. near the junction of I-75 and I-85. Construction is expected to begin in August 2017 and be completed in the third quarter 2018. Storage Development Partners, LLC, headquartered in Memphis, Tennessee, is the developer of the proposed project. This is the first self-storage development in which the Company and Storage Development Partners have co-invested.
- $13.6 million in a proposed multi-story climate-controlled 1,401 unit facility near the junction of I-10 (Katy Freeway) and the Sam Houston Toll Way in Houston. The proposed 133,000 net rentable square foot facility will be a ground-up project located just northwest of the Memorial neighborhood, a dense affluent Houston submarket. Construction is expected to begin in May 2017 and be completed in the fourth quarter 2017. Brittmoore SS Investment, LLC, headquartered in Houston, Texas, is the developer of the proposed project. This is the first self-storage development in which the Company and Brittmoore SS Investment have co-invested.
- $12.5 million in a proposed multi-story climate-controlled 1,000 unit facility in Metairie, Louisiana, a suburb of New Orleans. The proposed 90,000 net rentable square foot facility will be a ground-up project located in a high-end shopping area near the junction of I-10 and N. Causeway Blvd. served by retailers and restaurant chains such as Whole Foods, Macy’s, Restoration Hardware, Ruth’s Chris Steak House and P.F. Chang’s. Construction is expected to begin in May 2017 and be completed in the second quarter 2018. Abrams Construction Group, headquartered in Pensacola, Florida, is the developer of the proposed project. This is the first self-storage development in which the Company and Abrams Construction Group have co-invested.
- $10.0 million in a proposed multi-story climate-controlled 768 unit facility in Fort Lauderdale. The proposed 79,000 net rentable square foot facility will be a ground-up project located between I-95 and the Atlantic Ocean in dense, rapidly-growing area of Fort Lauderdale that has a substantial need for state-of-the-art climate-controlled self-storage. Construction is expected to begin in the second quarter 2017 and be completed in the second quarter 2018. Storage Builders II, LLC, headquartered in the Orlando area, is the developer of the proposed project. The Company and Storage Builders have co-invested in three other self-storage development projects.
- $8.1 million in a proposed multi-story climate-controlled 790 unit facility in Orlando. The proposed 71,000 net rentable square foot facility will be a ground-up project located on East Colonial Drive in Orlando, just off the exit ramp of the Challenger Parkway, a principal toll road into Orlando, and less than 3 miles from the University of Central Florida, the largest university in the United States with over 64,000 students. Construction is expected to begin in May 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 first self-storage development in which the Company and Structure Development have co-invested.
Upon closing these development investments, the Company now has established co-investment relationships with 23 different developers in 19 different markets.
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. 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.