On November 9, 2020, Jernigan Capital, Inc. closed the transaction. The transaction included participation from a single investor, Extra Space Storage Inc. (NYSE:EXR). The investment consists of a $200,000,000 tranche, which will yield 10% per annum and a $100,000,000 tranche which will yield 12% per annum, for a blended yield of 10.7% per annum.

After five years, the preferred dividend increases annually if the investment is not retired by the company and includes prepayment penalties and make whole provisions if retired early. The investment also provides investor with certain rights with respect to purchasing the properties of the company. The investor will assume management of 37 stores of the company in connection with the investment.