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.