MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $14.7 million investment in North Bergen, New Jersey. The investment, a proposed all climate controlled self-storage project, will consist of a single seven-story all climate controlled building with approximately 68,000 net rentable square feet.
The project will be located just across the Hudson River from Manhattan on John F. Kennedy Boulevard, a busy north south corridor, which carries 33,000 vehicles per day in local traffic as well as residents commuting into Manhattan via the Lincoln Tunnel. In addition to North Bergen, the facility will also serve Union City, West New York and Guttenberg. The sub-market is a densely populated, heavy multi-family residential area that currently offers limited self-storage choices. Construction is expected to begin within thirty days and to be completed in the first quarter of 2019. Mequity, LLC, headquartered in Atlanta, GA, is the developer of the proposed project. The Company and Mequity have co-invested in two other self-storage development projects.
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.
