Jernigan Capital Inc., a merchant bank and advisory firm serving the self storage industry, has committed $14.7 million toward a proposed 69,175-square-foot self storage facility in the Little Gables neighborhood of Miami. If approved, the multi-story, climate-controlled facility would be built at 4250 S.W. 8th St. Construction is expected to begin during the first quarter next year, with completion scheduled for the second quarter of 2019, according to a press release.
Ocoee, Fla.-based Self Storage Associates Inc. will serve as the project’s developer. This will be the fifth project on which the two companies have co-invested.
The target site is along U.S. Route 41, with visibility to about 35,000 cars per day. It’s in a “high-growth submarket largely occupied by renters,” the release stated. The property is approximately one mile from the central business district of Coral Gables, Fla., which features luxury hotels, “gourmet” shops and international retailers. It’s also about two miles from the University of Miami.
Since Jan. 1, Jernigan has closed 23 self storage investments totaling $296.4 million. The lender typically holds a 49.9 percent profit interest in its joint-venture transactions, according to company officials.
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 real estate investment trust and is externally managed by JCap Advisors LLC.