Jernigan Capital, Inc. Closes Baltimore Self-Storage Development Investment
June 19 2017 - 3:22PM
Business Wire
– Company Completes 16 Investments for
$186.3 Million in 2017 –
Jernigan Capital, Inc. (NYSE:JCAP) who provides debt and equity
capital to private developers, owners, and operators of
self-storage facilities announced today that it has closed a $10.8
million self-storage development investment commitment in
Baltimore, Maryland. The proposed 83,450 net rentable square feet,
993-unit multi-story climate controlled facility will be a
conversion of a former textiles office and warehouse located on
Washington Boulevard, a well-traveled thoroughfare in and out of
downtown Baltimore. The location is less than half a mile from the
Maryland Transit Authority, Carroll Park, and Carroll Golf Course,
and directly across from Montgomery Park, home to the Maryland
Department of the Environment, the Water Management Administration,
and the Maryland Lottery & Gaming headquarters. The proposed
facility will be one of few Class A facilities in the market and
will serve neighborhoods like Catonsville, Arbutus, and Halethorpe,
as well as Federal Hill, a popular community that is a destination
for retail, dining, and entertainment for young professionals.
Construction is expected to begin Q3 2017 and be completed in Q2
2018. 1835 Washington Self-Storage - headquartered in Annapolis,
MD, is the developer of the proposed project. This is the first
project in which The Company and Washington have co-invested.
Since January 1, 2017, the Company has closed 16 investments in
new self-storage projects for an aggregate commitment amount of
$186.3 million. Each of these facilities will be managed by
CubeSmart upon completion.
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
and other federal securities laws, including statements regarding
our future performance, our second quarter 2017 earnings guidance
and full year 2017 updated earnings guidance, including related key
assumptions, future profits from investments, our anticipated loan
closings, our access to capital and our ability to fund our
existing loan commitments. 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.
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Jernigan Capital, Inc.Investor Relations:
901-567-9580Investorrelations@jernigancapital.com
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