MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that on August 16, 2016, the Company closed an $8.8 million development investment in Johns Creek, GA, a submarket in the Atlanta MSA. The multi-story 745 unit facility will provide state-of-the-art, all climate-controlled storage to a high-income underserved area of suburban Atlanta. The investment was made through Storage Lenders I, LLC, the Company’s $122.2 million joint venture with Heitman Capital Management and an institutional partner (the “Heitman joint venture”). After the Johns Creek investment, the Heitman joint venture has committed $94.2 million of its available capital, leaving $28.0 million of available capital. The Company expects the balance of the joint venture capital to be committed by September 7, 2016.
The Company further announced that on August 12, 2016, the 523-unit multi-story climate-controlled self-storage facility in Fleming Island, FL, a submarket in the Jacksonville MSA, in which the Company holds a $7.2 million investment and 49.9% profits interest, received its Certificate of Occupancy and opened for business. The facility is managed by Life Storage, Inc. (formerly Uncle Bob’s Self-Storage).
In addition, on August 18, 2016, the 773-unit self-storage climate-controlled facility in uptown Charlotte, in which the Company holds an $8.5 million investment and 49.9% profits interest, received its Certificate of Occupancy and opened for business. The facility is managed by CubeSmart. As of August 19, 2016, six of the Company’s initial 11 development investments have achieved Certificates of Occupancy and are in active lease-up.
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.
