Jernigan Capital Prices New Preferred

REIT Jernigan Capital (JCAP) has finally priced the new preferred issue we announced days ago and it comes with a reasonably decent coupon of 7%.

There terms are the typical 5 years to optional redemption,  cumulative and perpetual.

The company will use the proceeds to finance part of a new Miami portfolio of self-storage facilities that are currently being built.

JCAP is a specialty finance mortgage REIT which finances self-storage facilities and has only been in existence for a few years.  Dean Jernigan the CEO of the company has been in self-storage for over 30 years and had previously retired from the CEO at self storage REIT Cubesmart (CUBE).

The term sheet for this new issue can be found here.

Further Details are here.