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.
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.
- RRB Development: Website
- Yahoo Finance: Jernigan Capital Inc. Announces New Investment in Atlanta, Georgia