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Jernigan Capital upsizes credit facility

Real estate investment trust Jernigan Capital upsized its senior secured revolving credit facility with a syndicate of banks led by KeyBank NA, Raymond James Bank NA and BMO Harris Bank NA to up to $235 million.

The credit facility expires on Dec. 28, 2021, with two one-year options to extend the maturity to Dec. 28, 2023, and has an accordion feature which allows expansion of the facility to up to $400 million.

Borrowings under the facility are secured by a pool of Jernigan Capital's mortgage loans extended to self-storage property developers, a pool of non-stabilized self-storage properties and a pool of stabilized self-storage properties that are wholly owned by the company. Advances under the credit agreement will bear interest rates at between 225 and 325 basis points over 30-day London interbank offered rate.

KeyBanc Capital Markets Inc., Raymond James Bank NA and BMO Capital Markets Corp. were the joint lead arrangers and syndication agents for the credit facility. KeyBank NA also served as administration agent. Trustmark National Bank, Pinnacle Bank, FirstBank, Triumph Bank and Renasant Bank also participated in the credit facility.