Basis Industrial, a privately held and vertically integrated real estate owner and operator, secured a $39.6 million loan for construction, for a new build and for the existing refinance of its mixed-use property located at 100 Business Park Drive in Armonk, New York. The project consists of a 60,000 existing square foot mixed-use warehouse and a development site where a 117,000-square-foot mixed-use building will be constructed.
Basis purchased the site in spring 2023 and anticipates completing the new facility, which achieved 100% preconstruction leasing, by Q3 2025. The property will be composed of an Extra Space Storage branded and operated self-storage tenant measuring 82,400 square feet, a Sportime branded and operated pickleball facility measuring 26,550 square feet and a new warehouse facility for the expansion of Jan-Tile, measuring 8,000 square feet. Jan-Tile is the primary existing tenant at the existing 60,000-square-foot warehouse.
Anthony Scavo, president and managing partner of Basis Industrial, and Ackman-Ziff Real Estate Group arranged the financing for the 36-month, interest-only loan. Beach Point Capital Management is the lender. This is the second transaction that Beach Point Capital Management has financed for Basis Industrial.
“Beach Point Capital Management came through again for us. They have become a valued partner in our continuing acquisition and development streak,” said Scavo. “We are pleased to have secured this $39.6 million construction loan for our mixed-use property in Armonk. Westchester County has a lack of industrial assets and very low vacancy in this asset class. By expanding our New York portfolio into this county, we are happy to provide this exceptional self-storage, recreation and warehouse facility. We have the groundbreaking scheduled for July 2024.”
Basis uses its subsidiary management company, BaySpace, to manage the company’s industrial assets.
