Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, will consolidate its offices and relocate its headquarters from Miami to Memphis, Tenn., effective Aug. 17. The move will include the addition of accounting, business-development, legal and loan-administration personnel, and requires the closing of the company’s offices in Cleveland and Miami, according to a company press release.
The company expects to complete the move to International Tower II, 6410 Poplar Ave., by the end of the third quarter. It will incur a one-time charge of about $275,000 related to the cost of the consolidation, including benefits and severance packages paid to those losing their jobs and lease-termination fees, the release said.
Company chairman and CEO Dean Jernigan has deep ties to Memphis, including being founder of AutoZone Park and the Memphis Redbirds Baseball Foundation with his wife, Kristi, according to the source. AutoZone Park is home to the Memphis Redbirds minor-league baseball team. In 2014, the St. Louis Cardinals acquired the Redbirds from the foundation, and Memphis officials took control of the stadium, according to Ballpark Digest, a website dedicated to sports-venue information.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. The company 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.
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