Jernigan Capital, Inc. announced that it has closed a $14.7 million investment in North Bergen, New Jersey. The investment, a proposed all climate controlled self-storage project, will consist of a single seven-story all climate controlled building with approximately 68,000 net rentable square feet.

The project will be located just across the Hudson River from Manhattan on John F. Kennedy Boulevard, a busy north south corridor, which carries 33,000 vehicles per day in local traffic as well as residents commuting into Manhattan via the Lincoln Tunnel. In addition to North Bergen, the facility will also serve Union City, West New York and Guttenberg. The sub-market is a densely populated, heavy multi-family residential area that currently offers limited self-storage choices. Construction is expected to begin within thirty days and to be completed in the first quarter of 2019. Mequity, LLC, headquartered in Atlanta, GA, is the developer of the proposed project. The Company and Mequity have co-invested in two other self-storage development projects.