Mequity LLC, an Atlanta-based real estate development and investment firm focused on self-storage, and Jernigan Capital Inc., a merchant bank and advisory firm serving the same industry, intend to develop a 96,295-square-foot, 1,152-unit self-storage facility in the Little Havana neighborhood of Miami. The eight-story, climate-controlled structure is proposed for N.W. 27th Street, between the Dolphin Expressway and Tamiami Trail. Construction is expected to begin during the second quarter of 2018, with completion scheduled for the third quarter of 2019, according to a press release.

CubeSmart, a self-storage real estate investment trust and third-party management firm, will manage the property.

Jernigan has committed $20.1 million toward the project, its fourth co-investment with Mequity. The others are in New York City, North Bergen, N.J., and Vinings, Ga.

The Little Havana market is densely populated and characterized by apartments and small, single-family homes. An estimated 69 percent of residents live in rental housing, according to the release. More than 48,000 vehicles drive past the building site each day.

Mequity has closed more than $75 million in self-storage development starts in 2017. Its primary markets include the Atlanta, Miami, New York and Washington, D.C., metropolitan areas as well as Northern New Jersey. The company will also consider compelling development opportunities or acquisitions in other Eastern locations, according to its LinkedIn page. Its principals are Bill Marsh and Robert Holly.

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. Since Jan. 1, the company has closed 26 self-storage investments totaling more than $341 million. It typically holds a 49.9 percent profit interest in its joint-venture transactions, according to company officials. The firm intends to be taxed as a real estate investment trust and is externally managed by JCap Advisors LLC.

Sources: