Jernigan CapitalInc. said April 5 that a public pension plan has executed a co-investmentagreement with an affiliate of HeitmanCapital Management LLC.
The co-investor has committed $75 million to the between Jernigan Capital andthe Heitman affiliate. With the commitment, the joint venture has reached its $122.2million target capitalization.
Jernigan Capital also said it has completed the contributionof three existing development property investments aggregating $41.9 million ofaggregate capital commitments. As of the time of contribution of the three investments,the company had advanced an aggregate of $8.1 million against the $41.9 millionaggregate capital commitment, with the joint venture assuming the obligation tofund the remaining $33.8 million of commitments toward the self-storage projects,all of which are located in the Miami-Ft. Lauderdale metropolitan statistical areas.Following the contribution, the joint venture has $80.3 million of remaining capitalto fund new self-storage investments.