Jernigan Capital Invests in Atlanta Self Storage Facility
The project involves the conversion of an existing building and the construction of a new climate-controlled facility.
By Mihaela Coste
Self storage facility
Vinings, Ga.— Jernigan Capital Inc. has closed a $13.6 million investment for a proposed self-storage project in Vinings, the company announced recently. The developer of the project is Mequity LLC, an Atlanta-based real estate development company specializing in self-storage facilities.
The project is expected to break ground in the second quarter of 2017 and to be completed in the second quarter of 2018. Development involves the conversion of an existing building as well as the construction of an additional multi-story climate-controlled facility. The proposed 103,561-square-foot asset will include 1,118 units and the buildings will be interconnected.
The facility is conveniently situated just off an exit to Interstate 285 and will serve the Vinings/Smyrna area, a rapidly growing suburb northwest of Atlanta.
Jerningan Capital is a REIT that provides debt and equity capital to private developers, owners and operators of self-storage facilities. The proposed development is the first co-investment for Jernigan Capital and Mequity.
Image via Public Domain Pictures website
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