B’More Self-Storage Project Lands Financing

The 993-unit self-storage project will be a conversion of a former textiles office and warehouse facility and is expected to be completed in the second quarter of 2018.

Climate controlled storage unit
Climate-controlled self-storage unit

Jernigan Capital Inc. has closed a $10.8 million investment for the development of a 993-unit multi-story climate controlled facility in Baltimore. The developer of the proposed project is 1835 Washington Self-Storage, headquartered in Annapolis, Md., this being the first project in which the two parties have co-invested.

Located on Washington Boulevard, a traveled thoroughfare in and out of downtown Baltimore, the proposed 83,450-square-foot project will be a conversion of a former textiles office and warehouse facility. The asset will be one of the few Class A facilities in the market and will serve submarkets like Catonsville, Arbutus, and Halethorpe, as well as Federal Hill. Construction is expected to commence in the third quarter of 2017 and to be completed in the second quarter of 2018.

The location of the development is in close proximity to the Maryland Transit Authority, Carroll Park and Carroll Golf Course and directly across from Montgomery Park, which is home to the Maryland Department of the Environment, the Water Management Administration, and the Maryland Lottery & Gaming headquarters.

Jernigan Invested $186M in Self-Storage Developments This Year

Since the beginning of the year, Jernigan has closed 16 investments in new self-storage projects, for a total combined amount of $186.3 million. Earlier this month, the company invested $10 million for a proposed 811-unit self-storage facility in St. Petersburg, Fla. All the facilities will be managed by CubeSmart upon completion.

Image courtesy of Jernigan Capital Inc.