MEMPHIS, Tenn.--(BUSINESS WIRE)--
Jernigan Capital, Inc. (JCAP) (the “Company”) announced today that it has closed a $16.1 million development investment in Bay Shore, New York. The project involves the conversion of an existing building into a 107,325 net rentable square feet, 1,191 unit multi-story facility that will provide state-of-the-art, all climate-controlled storage in a dense, high income area on Long Island, approximately 40 miles east of midtown Manhattan. All building permits have been obtained for the proposed project, and construction is expected to commence this month and be completed in the fourth quarter of this year. The Company advanced approximately $6.9 million of its total $16.1 million commitment at closing. Alton Storage Partners, LLC, headquartered in Monrovia, California, is the developer of the proposed project. This is the first self-storage development in which the Company and Alton Storage Partners have co-invested.
“Our developer partners are finding excellent self-storage sites in areas just outside the boroughs of New York City,” stated Dean Jernigan, chairman and chief executive officer of the Company. “These sites have similar demographic characteristics to the boroughs, but generally lack self-storage capacity to meet the demands of the population in the submarkets. We are hopeful that our momentum in this region will lead to additional high-return opportunities in the coming months.”
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate investment trust (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. 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.