Jernigan Capital LLC, a merchant bank and advisory firm serving the self-storage industry, recently introduced three new loan programs and named Greg Ward as its new chief financial officer (CFO). The new programs provide funding for self-storage development, refinancing and acquisitions.
The terms of the development loan program include 90 percent loan-to-cost, non-recourse, with generally a six-year term for loans from $2 million to $15 million, according to a company press release. Key features of the refinance and acquisition loan programs include the same terms with a 90 percent loan-to-value. Jernigan Capital is now accepting loan requests and issuing term sheets.
“We are pleased to offer these loan programs to the self-storage sector,” said Dean Jernigan, founder and president. “As seasoned developers and operators now entering into direct lending, we understand the needs of the self-storage borrower and stand ready to meet those needs with the loan programs we are announcing today.”
Jernigan, former CEO of self-storage real estate investment trust (REIT) CubeSmart, launched his finance company in January. He has more than 30 years of industry experience, having founded Storage USA Inc. in 1984. In 2006, he became CEO of U-Store-It Trust Inc., which changed its branding to CubeSmart in fall 2011. He officially retired from the REIT on Dec. 31.
Jernigan’s new CFO has more than 20 years of experience in commercial real estate lending, according to the release. Prior to joining Jernigan Capital, Ward was a senior vice president at Wells Fargo, where he provided debt to public and private commercial real estate companies for all asset types, including self-storage, and originated loans totaling several billion dollars.
Prior to Wells Fargo, Ward served as vice president of commercial real estate lending at KeyBank, with roles in Cleveland and Chicago. During this time, he originated loans totaling more than $1 billion. In addition to his career in commercial real estate lending, Ward has been active in the Urban Land Institute and local community-redevelopment efforts in Cleveland, serving in several board roles, including as treasurer. He’s also served as a mentor or guest lecturer at several universities and colleges.
“Greg’s impressive background in commercial real estate lending makes him a great fit for his new role at Jernigan Capital,” said Jernigan. “We welcome him to our team and look forward to utilizing his considerable expertise as we grow our business.”
Ward earned a Master of Business Administration from Case Western Reserve University’s Weatherhead School of Management, with concentrations in finance and accounting. In addition, he holds a Bachelor of Arts degree in economics and English from Allegheny College and is a member of the school’s Alumni Council. Ward will be based in Jernigan Capital’s finance office in Cleveland.
“I’m excited to join the executive team at Jernigan Capital under the leadership of self-storage industry leader Dean Jernigan,” Ward said. “I am impressed by the team’s dedication to solid strategic growth, and I am excited to assist in that growth as CFO.”
Headquartered in Miami, Jernigan Capital provides loans in markets across the United States. Its senior staff has participated in more than $6 billion of self-storage transactions over the past 30 years.