MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $9.9 million investment in a proposed climate controlled self-storage project in Louisville, Kentucky. The 725 unit, 74,172 net rentable square foot facility will consist of two all climate controlled buildings.
The proposed project will be located just south of I-264 on Bardstown Road, a main traffic artery carrying 45,000 vehicles per day between downtown Louisville and I-285, the new outer ring. The immediate area has seen rapid redevelopment in recent years with the addition of big-box retailers such as Target, Walmart, Costco and Lowes Home Improvement, and is within two miles of the Highlands residential section and Yum! Brands, Inc.’s global headquarters. Chick-fil-A and Starbucks have recently opened stores within walking distance of the project.
The facility will serve several surrounding communities that provide limited self-storage options. Construction is expected to begin immediately and be completed in the fourth quarter of 2018. Storage Development Partners, LLC, headquartered in Memphis, Tennessee, is the developer of the proposed project. This is the third self-storage development in which the Company and Storage Development Partners have co-invested.
The Company also announced today that the 1,195-unit multi-story climate-controlled self-storage facility in Bay Shore, NY in which the Company holds a $16.1 million investment and 49.9% profits interest, received its Certificate of Occupancy. The facility, which opened for business on September 29, 2017, will be managed by CubeSmart.
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 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.