MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has closed a $11.7 million investment in a proposed conversion of an existing building into a multi-story climate controlled 813-unit self-storage project in Minneapolis, Minnesota.
The proposed 83,114 net rentable square feet facility will be located on 3216 Winnetka Ave, 6 miles northwest of downtown Minneapolis. The site is located within the New Hope community on a highly-traveled local road and in close proximity to major national retailers including Super Target, Target, Whole Foods, Apple, Walmart, and Nordstrom. In addition, the submarket is benefiting from 10 new luxury multi-family communities renting one-bedroom units at rates of $24 per square foot. The Minneapolis market contains eight large corporate headquarters recruiting new people to the area. To accommodate the high traffic around the proposed facility, plans provide for a convenient ground floor drive-through to facilitate customer access and relieve congestion.
Construction is expected to begin in the second quarter of 2018 and to be completed in the second quarter of 2019. Cascade Storage Partners, LLC., based in Charlotte, North Carolina, is the developer of the proposed project. This will be the seventh development project in which the Company and Cascade or its affiliates, including Pamlico Investments, Inc., have invested.
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.