Jernigan Capital Co-Invests with NH-Based Developer
- Dec 05, 2017
Jernigan Capital Inc. has invested $8.7 million in a 719-unit, multi-story self-storage facility in Salem, N.H., marking the company’s first co-investment with 603 Storage, a New Hampshire-based developer. Construction is scheduled to begin in the first quarter of 2018 and be completed by year-end.
Located at 10 Hampshire Road, the proposed 74,625-net-rentable-square-foot asset will be situated off Route 28, at the border of New Hampshire and Massachusetts. This location will provide exposure to more than 20,000 cars per day. Boston is situated approximately 25 miles away via Interstate 93. The facility will be across the highway from a Lowe’s-anchored shopping center.
Besides serving the City of Salem, the new self-storage facility will also serve Methuen and Lawrence cities, both located in Massachusetts. The cities are part of a densely populated submarket and over 50 percent live in multifamily housing and have one self-storage square per person, a figure that is below the national average. The market is currently served by big-box retailers such as Target, Home Depot and Apple.
One of Jernigan Capital’s latest investments includes a self-storage project in Inglewood, Calif., proposed by a joint venture of Miami City Self Storage and Cypress Equity Investments. Jernigan invested $28.7 million loan in the asset.