{"id":1004209368,"date":"2018-03-07T19:37:43","date_gmt":"2018-03-08T03:37:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209368"},"modified":"2022-12-08T01:16:36","modified_gmt":"2022-12-08T09:16:36","slug":"jernigan-invests-83m-in-miami-self-storage-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jernigan-invests-83m-in-miami-self-storage-portfolio\/","title":{"rendered":"Jernigan Invests $83M in Miami Self-Storage Portfolio"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004209369\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004209369\" data-attachment-id=\"1004209369\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jernigan-invests-83m-in-miami-self-storage-portfolio\/brickell\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"MCSS Brickell, 1103 Southwest 3rd Avenue\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;MCSS Brickell, 1103 Southwest 3rd Avenue&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg?w=800\" class=\"size-medium wp-image-1004209369\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg\" alt=\"MCSS Brickell, 1103 Southwest 3rd Avenue\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Brickell.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004209369\" class=\"wp-caption-text\">MCSS Brickell, 1103 Southwest 3rd Avenue<\/p><\/div>\n<p>Jernigan Capital Inc. has invested $83.3 million in a five-property <a href=\"https:\/\/www.commercialsearch.com\/news\/jernigan-capital-continues-self-storage-expansion\/\">self-storage portfolio in Miami<\/a>. The firm closed this investment under its recently launched bridge lending program. Miami City Self-Storage developed the properties and CubeSmart\u00a0manages each facility.<\/p>\n<p>The investment comprises five separate first mortgage loans, with a\u00a0five-year term\u00a0and two separate one-year extension options. The loans have fixed interest rates between 6.5 and 6.9 percent annually, and two of the loans have an additional paid-in-kind interest rate of 3 percent. Besides these, each loan provides for a profits interest of 49.9 percent, after certain preferential payments are made, and each loan provides the company with a right of first refusal to acquire the underlying self-storage facilities upon sale.\u00a0\u00a0<\/p>\n<p>The five-property portfolio includes:<\/p>\n<ul>\n<li>MCSS Brickell, a 75,000-net-rentable-square-foot facility at 1103 SW. 3<sup>rd<\/sup> Ave.<\/li>\n<li>MCSS Coconut Grove,\u00a0a 52,000-net-rentable-square-foot facility at 2434 SW. 28<sup>th<\/sup> St.<\/li>\n<li>MCSS West Doral, a 77,000-net-rentable-square-foot facility at 590 NW. 137<sup>th<\/sup> Ave.<\/li>\n<li>MCSS Doral, a 77,000-net-rentable-square-foot facility at 4001 NW 77<sup>th<\/sup> Ave.<\/li>\n<li>MCSS Pembroke Pines, an 85,000-net-rentable-square-foot facility at 18460 Pines Blvd.<\/li>\n<\/ul>\n<p>Each facility is of Generation V and climate controlled.\u00a0Three of the\u00a0properties have been in operation for a year, and two are expected to open by the end of the first quarter of 2018.\u00a0<\/p>\n<p><em>\u201cWe are very pleased to have launched our self-storage bridge investment program with a high-profile refinancing. We believe this is the top portfolio of Generation V self-storage properties in Miami, one of the top self-storage markets in the United States,\u201d<\/em> stated John Good, president &amp;\u00a0COO of Jernigan Capital.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The portfolio includes five Generation V self-storage facilities developed by Miami City Self-Storage. CubeSmart is the manager of each property. <\/p>\n","protected":false},"author":871,"featured_media":1004209369,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1492,21742],"tags":[35721,33293,38464],"class_list":["post-1004209368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-miami","category-latest","tag-cubesmart","tag-jernigan-capital","tag-miami-city-self-storage-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jernigan Invests $83M in Miami Self-Storage Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jernigan-invests-83m-in-miami-self-storage-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jernigan Invests $83M in Miami Self-Storage Portfolio\" \/>\n<meta property=\"og:description\" content=\"The portfolio includes five Generation V self-storage facilities developed by Miami City Self-Storage. 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