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Public pension plan commits $75M to Jernigan Capital-Heitman Capital JV

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Public pension plan commits $75M to Jernigan Capital-Heitman Capital JV

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.