Jernigan Capital Announces Acquisition of Developers’ Interests in Seven Properties

MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that it has acquired the membership interests of its developer partners in six development investments on its balance sheet, including Atlanta 5, Atlanta 6, Atlanta 7, Charlotte 2, Knoxville, and Louisville 1. Additionally, in November, the SL1 Venture in which the Company has a 10% interest, purchased the membership units of the LLC that owned the Raleigh development. These seven properties are all Generation V, multi-story facilities with a combined 540,222 net of rentable square feet. The current weighted average physical occupancy of the facilities is 39.2%. Each of the properties is branded and managed by CubeSmart.