Real Estate Owner & Operator Basis Industrial Closes on $8.308 Million Construction Loan for Self-Storage Facility on its Property in Detroit, Michigan
Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on an $8.308 million construction loan on Sept. 22, 2023 for a self-storage facility located at 1610 Algonquin Street, Detroit, MI 48215. Basis Industrial acquired the land on which the storage facility is being built in October 2021.
This is Basis’ third construction loan closing this year. Basis continues to source financing due to its long track record of success and deep financial acumen.
Berkadia sourced the construction financing from Old National Bank. In early October 2023, Basis Industrial plans to break ground on the 78,187-square-foot, state-of-the-art self-storage facility featuring 645 climate-controlled units, advanced security systems, and other amenities. Slated construction completion is fall 2024. Basis Industrial plans to have a third party, Public Storage, manage the facility upon completion.
With a need for a self-storage facility and located within a high-income area, Basis strategically chose this location for its project. Basis acquired the development site in October 2021 for $817,000. O’Connor Realty represented the seller, Phillip Kofta.
Basis Industrial, which is expanding its portfolio of industrial and commercial properties across the U.S., currently has 15 storage projects at varying stages of completion throughout the U.S.
“We are thrilled to have secured construction financing in this tumultuous market. We can now move forward with the next steps in developing this state-of-the-art self-storage facility, which will be our first but not our last in Detroit,” said Anthony Scavo, president of Basis Industrial.
