Jernigan Capital, Inc. (NYSE:JCAP) (the "Company") announced today that it has closed a $16.1 million development investment in Bay Shore, New York. The project involves the conversion of an existing building into a 107,325 net rentable square feet, 1,191 unit multi-story facility that will provide state-of-the-art, all climate-controlled storage in a dense, high income area on Long Island, approximately 40 miles east of midtown Manhattan. All building permits have been obtained for the proposed project, and construction is expected to commence this month and be completed in the fourth quarter of this year. The Company advanced approximately $6.9 million of its total $16.1 million commitment at closing. Alton Storage Partners, LLC, headquartered in Monrovia, California, is the developer of the proposed project. This is the first self-storage development in which the Company and Alton Storage Partners have co-invested. "Our developer partners are finding excellent self-storage sites in areas just outside the boroughs of New York City," stated Dean Jernigan, chairman and chief executive officer of the Company. "These sites have similar demographic characteristics to the boroughs, but generally lack self-storage capacity to meet the demands of the population in the submarkets. We are hopeful that our momentum in this region will lead to additional high-return opportunities in the coming months." About Jernigan Capital, Inc. Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate investment trust (NYSE: JCAP) that provides debt and equity capital to private developers, owners, and operators of self-storage facilities. Our mission is to be the preeminent capital partner for self-storage entrepreneurs nationwide by offering creative solutions through an experienced team demonstrating the highest levels of integrity, dedication, excellence and community, while maximizing shareholder value. The Jernigan Capital team has extensive experience in over 100 U.S. markets—from acquiring and managing self-storage properties to new self-storage development—providing JCAP with knowledge unmatched by any lender, broker or advisor to the sector. Jernigan Capital is the only source of construction and development capital focused solely on the self-storage sector.