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.