Basis Industrial, a privately owned and fully integrated real estate company, has successfully obtained a $39.6 million construction loan for its mixed-use development located at 100 Business Park Drive in Armonk, NY. The project consists of an existing 60,000-square-foot warehouse and a new 117,000-square-foot mixed-use building.
Expected to be completed by Q3 of 2025 with full preconstruction leasing already secured, the state-of-the-art facility will house various tenants including Extra Space Storage occupying an area of approximately 82,400 square feet; Sportime pickleball facility spanning over an area of about26 ,550 square feet; and Jan-Tile utilizing the remaining space measuring around8 ,000 square feet.
The financing arrangement was facilitated by Anthony Scavo – President and Managing Partner at Basis Industrial – along with Ackman-Ziff Real Estate Group who successfully negotiated for a three-year interest-only loan from Beach Point Capital Management. This is not the first time that Basis Industrial has partnered with Beach Point as they had previously secured $70 million in preferred equity/mezzanine loans back in November 2023.
According to Scavo,”We are delighted to expand our New York portfolio into Westchester County where there is high demand but limited supply for industrial assets.” He further added that their latest venture will provide exceptional self-storage facilities along with recreational amenities while also catering to warehousing needs within this region which currently boasts low vacancy rates across all asset classes.
