Jernigan Capital to Sell New Preferred

Specialty finance REIT Jernigan Capital (JCAP) will be selling a new fixed rate preferred issue with the normal terms.

This should be interesting because JCAP provides financing to builders of self-storage and I can’t recall a finance/mortgage REIT in this business selling a preferred issue, although the prospectus mentions a series A preferred which receives common shares as dividend payments.

Preliminary issue information is here.