Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has closed on a $14.1 million self storage investment with Atlanta developer RRB Development LLC. The companies intend to build a multi-story facility comprising 92,935 net rentable square feet in 1,049 climate-controlled units, according to a press release. Construction is expected to begin during the second quarter and will take about a year.
The proposed building site is in the West Midtown area of the city, near the Georgia Institute of Technology campus. This is the fourth self storage development on which the two companies have co-invested, the release stated.
RRB is a commercial real estate development and advisory firm that acquires, develops and manages properties. Its projects include finance, office, retail and self storage developments, including several branded under CubeSmart, a self-storage real estate investment trust and third-party management firm. Its acquisitions are concentrated in the Southeast with a “strong preference for secondary and tertiary cities, suburban growth corridors, in-fill markets with supply constraints and Hispanic neighborhoods,” according to its website.
About Jernigan Capital
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.