Basis Industrial, a privately owned real estate company, has recently finalized an $8.308 million construction loan for a new self-storage facility in Detroit, Michigan. The property is located at 1610 Algonquin Street and will be developed by Basis Industrial’s Boca Raton-based team.
In October of 2021, Basis acquired the site for $817,000 with representation from O’Connor Realty and seller Phillip Kofta. Construction financing was secured through Berkadia from Old National Bank. Groundbreaking on the project is expected to take place in the coming weeks for this state-of-the-art facility spanning over 78,187 square feet.
The modern self-storage complex will include 645 climate-controlled units along with advanced security measures and other amenities. Upon completion of construction management duties will be taken over by Public Storage.
“We are pleased to have successfully obtained construction financing during these challenging market conditions,” stated Anthony Scavo who serves as President of Basis Industrial.”This development marks our first but certainly not our last venture in Detroit.” This closing represents their third successful loan acquisition this year alone.
