Basis Industrial Secures $39.6 Million Construction Loan for Mixed-Use Property in Armonk, New York

In an exciting development for Basis Industrial, we have secured a $39.6 million loan to support the construction and refinance of our mixed-use property at 100 Business Park Drive in Armonk, NY. This milestone, achieved on May 31, 2024, marks a significant step in our ongoing efforts to expand and enhance our portfolio in Westchester County.

The project encompasses a 60,000-square-foot existing mixed-use warehouse and a development site where a new 117,000-square-foot mixed-use building will be constructed. Acquired in spring 2023, the site is slated to complete its new facility by Q3 2025, with 100% preconstruction leasing already secured.

The new property will feature an Extra Space Storage branded and operated self-storage tenant occupying 82,400 square feet, a Sportime branded and operated pickleball facility measuring 26,550 square feet, and a new 8,000-square-foot warehouse facility to support the expansion of Jan-Tile, the primary existing tenant in the current warehouse.

Our president and managing partner, Anthony Scavo, along with Ackman-Ziff Real Estate Group, successfully arranged the financing for the 36-month interest-only loan, provided by Beach Point Capital Management. This collaboration marks the second transaction between our company and Beach Point Capital Management, following a $70 million preferred equity/mezzanine loan in November 2023 for a substantial portfolio purchase and refinance in Florida and Texas.

Beach Point Capital Management has once again proven to be a valued partner in our acquisition and development endeavors. Securing this $39.6 million construction loan enables us to address the high demand and low vacancy rates for industrial assets in Westchester County. We are thrilled to bring this exceptional self-storage, recreation, and warehouse facility to the area, with groundbreaking scheduled for July 2024.

Basis Industrial utilizes our subsidiary management company, BaySpace, to oversee our industrial assets. For more information on our projects and developments, visit Basis Industrial.

About Basis Industrial

Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Basis brought Anthony Scavo on as COO/President to run day-to-day activities of the company. Scavo currently serves as president and managing partner of Basis. Together they have over 100 years of combined Real Estate Development and Management experience. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 4 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 2 million square feet in 2024. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. In 2024, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. For more information, visit www.basisindustrial.com or www.bayspace.com