In our strategic move to further our reach in the U.S., Basis Industrial recently closed an $8.308 million construction loan. Our new project is located at 1610 Algonquin Street, Detroit, Michigan. This construction loan symbolizes a significant milestone as we are on track to break ground on a 78,187-square-foot self-storage facility by early October 2023.
We acquired the land in October 2021. This Detroit project is our third construction loan closing in 2023, highlighting our steadfast dedication and financial expertise. The partnership with Berkadia and Old National Bank, who collaborated to finance the construction, reinforces our standing in the industry.
We are building a state-of-the-art self-storage facility comprised of 645 climate-controlled units. Beyond just space, our facility will feature advanced security systems and other modern amenities. With completion projected for fall 2024, we’ve chosen Public Storage to manage the facility, ensuring optimal service for our clients.
Our decision to position this facility to serve the high-income neighborhood of Grosse Pointe speaks to our strategic foresight. We recognized the community’s need and responded by securing the development site for $817,000.
This initiative is just one of our many ventures. We are currently managing 15 storage projects across the U.S., all at different stages. With a legacy shaped by industry veterans and a portfolio exceeding 2.5 million square feet, our endeavors in the real estate sector continue to grow.
Basis Industrial, with our seasoned team and profound experience, holds deep roots in the self-storage and industrial sectors. We pride ourselves on our operations across active U.S. markets, which include South Florida, Central Florida, Pennsylvania, New Jersey, New York, Boston, Los Angeles and other select urban areas. These regions, known for their vibrant economies and strategic significance, benefit from our unwavering dedication. Our involvement in these markets embodies our commitment to drive growth and create value for all stakeholders. For those eager to understand the potential of self-storage units as an investment, we invite you to visit basisindustrial.com or contact us directly at firstname.lastname@example.org.
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. 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 2.5 million square feet of self-storage and industrial real estate and is scheduled to close another 1 million square feet in 2023. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. In total, the sponsors have developed and managed over 13.5 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.