MIAMI--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today its investment activity through June 30, 2015.
During June 2015, the Company closed six loans with an aggregate committed principal amount of $37.2 million. Five of the loans, with an aggregate committed principal amount of $34.4 million, were for the development of new self-storage facilities, and one loan with an aggregate principal amount of $2.8 million was for the purpose of refinancing existing debt on a stabilized self-storage facility. The facilities financed are in the Dallas, Atlanta, Charlotte, Tampa and New Orleans MSAs.
Since the closing of the Company’s initial public offering on April 1, 2015, the Company has committed an aggregate of $74.4 million principal amount in 10 loans, 8 of which, aggregating $68.5 million of committed principal amount, are development loans. Facilities financed are in the Dallas, Atlanta, Charlotte, Miami, Orlando, Tampa, Detroit and New Orleans MSAs.
“We could not be more pleased with the industry’s reception of our unique financing product,” commented Dean Jernigan, the Company’s Chairman and Chief Executive Officer. “We have uncovered a steady supply of high quality self-storage investment opportunities with experienced partners in markets that excite us. With projected third quarter closings of approximately $69.8 million and new prospects being produced daily, our investment pipeline is quite robust, leaving us very optimistic about our ability to sustain growth through this current cycle.”
About Jernigan Capital, Inc.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, owners and operators of self-storage facilities. Jernigan Capital offers financing solutions for the ground-up construction of self-storage facilities or major self-storage redevelopment opportunities, as well as for the acquisition of, refinancing of existing indebtedness on, or recapitalization of stabilized self-storage facilities. Jernigan Capital intends to elect to be taxed as a real estate investment trust and is externally managed by JCap Advisors, LLC.
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 our loan pipeline and anticipated loan closings in the third quarter 2015. 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 potential risks and uncertainties related to the Company, including, without limitation, the risk that we fail to enter into definitive agreements with respect to loan transactions and the possibility that loans we anticipate making in the third quarter 2015 do not close, see the information under the heading “Risk Factors” in the prospectus related to the Company’s IPO dated March 26, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2015, in accordance with Rule 424(b) of the Securities Act of 1933, which is accessible on the SEC’s website at www.sec.gov.