Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has committed $9 million toward a proposed 77,125-square-foot self-storage facility in Orlando, Fla. The multi-story, climate-controlled facility at 9001 Eastmar Commons will comprise 779 units. If approved, construction is expected to begin in January, with completion scheduled during the first quarter of 2019, according to a press release.
Cassaforte LLC and Dean Road Self Storage will serve as the project’s developers. This is the first self-storage project between Jernigan Capital and either company, the release stated.
The site is within two miles of 1,000 new multi-family housing units and the Waterford Lakes Town Center, which features several national-chain restaurants and retailers, the release stated. The property is visible to 33,000 cars per day from Highways 408 and 417.
Jernigan Capital has closed several self-storage investments since the beginning of the year, including multiple projects in Florida. The lender typically holds a 49.9 percent profits interest in its joint-venture transactions, according to company officials.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm intends to be taxed as a real estate investment trust and is externally managed by JCap Advisors LLC.
Sources:
- The PE Hub Network: Jernigan Capital Invests $9 Mln in Orlando, Florida Proposed Project
