Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has invested $12.6 million in two Florida self-storage development projects. The company invested $7.5 million to build a 784-unit facility in East Jacksonville with co-investment partner PLG Properties LLC, a Georgia-based developer. It’s also investing $5.1 million to add 256 units to an existing asset in Ocoee, a suburb of Orlando. Both projects are expected to commence before year-end, according to a press release.
Construction on the Jacksonville project is expected to begin immediately. The facility will be 100 percent climate-controlled. This is the first self-storage development between Jernigan Capital and PLG, the release stated.
The Ocoee project will be built on land adjacent to a multi-story facility that opened in May. Managed by self-storage real estate investment trust and third-party management firm CubeSmart, the asset is 65 percent occupied, according to the release. Orlando-based Storage Builders II LLC will serve as developer. Construction is slated to begin the first week in December.
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.
