Market Overview

Jernigan Capital Upsizes Credit Facility to $235 Million, Extends Maturity and Adds Banks


-Provides Capital to Fund the Company's Current Development Pipeline and
Developer Buy-Outs-

Jernigan Capital, Inc. (NYSE:JCAP) (the "Company") announced that on
December 28, 2018, it entered into an amended and restated senior
secured revolving credit facility of up to $235 million with a syndicate
of banks led by KeyBank National Association, Raymond James Bank, N.A.,
and BMO Harris Bank N.A. The $235 million credit facility, which has an
accordion feature permitting expansion up to $400 million, subject to
certain conditions including obtaining additional commitments from
lenders, has a three-year term that expires December 28, 2021 and two
one-year extension options to extend the maturity of the facility to
December 28, 2023. The amended credit facility more than doubles the
Company's access to committed credit, from $100 million to $235 million,
increases the accordion from $100 million to $165 million (subject to
syndication) and extends the maturity (assuming extension options are
exercised) by approximately 3 ½ years from July 24, 2020 to December 28,

Borrowings under the credit facility are secured by three separate pools
of collateral: one consisting of the Company's mortgage loans extended
to developers of self-storage properties, one consisting of
non-stabilized self-storage properties wholly-owned by the Company, and
the last consisting of stabilized self-storage properties wholly-owned
by the Company. Advances under the credit agreement bear interest at
rates between 225 and 325 basis points over 30-day LIBOR. These spreads
are 50 basis points lower than the spreads under the previous credit
facility, which were 275 and 375 basis points, respectively.

"This new facility marks another major milestone for JCAP," said John
Good, Chief Executive Officer of the Company. "With the amendment and
restatement of our credit facility, we have significantly increased our
access to capital at a lower cost. Solid execution of JCAP's business
plan, evidenced by strong relationships with a select group of
developers who are building best-of-class facilities generally on-time
and on-budget, successful leasing of completed projects and a proven
ability to capitalize on opportunities to own new state-of-the-art
self-storage facilities in great submarkets in major U.S. cities, has
attracted additional banks with ability to grow with us."

"With an untapped $235 million credit facility (plus a $165 million
accordion), a recently refreshed $75 million common ATM program and very
low leverage, we believe we are entering 2019 in a very strong capital
position," added Mr. Good. "Our contractual investment commitments in
our development pipeline are now fully-covered at conservative leverage
levels for the foreseeable future, and we have created dry powder to
continue making investments in both new development projects and
developer buy-outs."

As of the time of closing, the Company had borrowing capacity of
approximately $91.3 million under the credit facility, of which none was

KeyBanc Capital Markets, Inc., Raymond James Bank, N.A. and BMO Capital
Markets Corp. acted as joint lead arrangers and syndication agents for
the credit facility. KeyBank N.A. acted as the Administrative Agent for
the credit facility. Other banks participating in the credit facility
are Trustmark National Bank, Pinnacle Bank, FirstBank, Triumph Bank and
Renasant Bank.

About Jernigan Capital, Inc.

Jernigan Capital 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 with
a view to eventual outright ownership of facilities we finance. Our
mission is to maximize shareholder value by accumulating a
multi-billion-dollar investment portfolio consisting of the newest, most
attractive and best located self-storage facilities in the United States
through a talented and experienced team demonstrating the highest levels
of integrity, dedication, excellence and community.

Forward-Looking Statements

This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to our ability to exercise the accordion
of our credit facility. The ultimate occurrence of events and results
referenced in these forward-looking statements is subject to known and
unknown risks and uncertainties, many of which are beyond our control.
These forward-looking statements are based upon the Company's present
intentions and expectations, but the events and results referenced in
these statements are not guaranteed to occur. Investors should not place
undue reliance upon forward-looking statements. For a discussion of
these and other risks facing our business, see the information under the
heading "Risk Factors" in the Company's Annual Report on Form 10-K for
the year ended December 31, 2017, and those set forth in the Company's
other reports and information filed with the Securities and Exchange
Commission ("SEC"), which are accessible on the SEC's website at

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