Jernigan Capital Inc., a merchant bank and advisory firm serving the self storage industry, has developed a new storage facility in North Haven, Conn., which opened on Dec. 17. The company holds a $6.9 million investment in the property and owns 49.9 percent interest, according to a press release. The multi-story facility at 453 Washington Ave. comprises 649 units ranging from 25 to 300 square feet.
The asset will be managed by self storage real estate investment trust (REIT) CubeSmart and branded under its name. The REIT operates a handful of other storage facilities in the vicinity.
Jernigan Capital has been active on the investment front in recent weeks. The company invested $12.6 million in two Florida self storage development projects in November, and co-invested with Hallmark Self Storage in October on a $9.2 million project in the downtown area of Columbia, S.C.
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 REIT and is externally managed by JCap Advisors LLC.
CubeSmart owns or manages 762 self-storage facilities across the United States. Its operating portfolio comprises 50.6 million square feet.