Real Estate Owner & Operator Basis Industrial Secures $39.6 Million Construction Loan for its Mixed-Use Property at 100 Business Park Drive in Armonk, New York
Real Estate Owner & Operator Basis Industrial Secures $39.6 Million Construction Loan for its Mixed-Use Property at 100 Business Park Drive in Armonk, New York
On May 31, 2024, 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, Armonk, NY 10504. 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 as it also provided a preferred equity/mezzanine loan of roughly $70 million when Basis Industrial purchased four assets and refinanced two assets in Florida and Texas, totaling a 1,328,443-square-foot portfolio, in a $220 million transaction in November 2023.
“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.
