Atlanta-based Mequity Companies announced this week the closing of two new self storage development projects totaling $36,000,000.
The first project is an 83,536 GSF, ground-up, multi-story, fully climate-controlled facility in North Bergen, New Jersey. Permits have already been issued and construction of the 1,223-unit facility is beginning immediately, with a scheduled opening date of January, 2019.
The second project is a 140,273 GSF, ground-up, eight-story, state-of-the-art climate-controlled facility in the Little Havana section of Miami, Florida. This fully-entitled, 1,152-unit project is expected to be complete in Fall 2019.
Jernigan Capital provided financing for both new projects. The two new projects are the third and fourth venture this year between Mequity and Jernigan Capital. Mequity and Jernigan previously partnered on a 139,376 GSF storage development in Vinings area of metro Atlanta and a 43,624 GSF storage development in the Sugar Hill neighborhood of Upper Manhattan in New York City.
CubeSmart will provide professional third-party management services for all four of Mequity's 2017 starts once the facilities are completed.
Mequity is led by self storage veterans Bill Marsh, CEO, and Robert Holly, COO. Mequity is actively seeking self storage development sites in urban-dense markets throughout the eastern United Statesas well as existing facilities and self storage portfolios in primary and secondary markets.