**Basis Industrial Secures $33M Loan for Wappingers Falls Mixed-Use Development**
Basis Industrial has successfully closed on a $33 million acquisition and construction loan for a major mixed-use development project in Wappingers Falls, New York. The financing was finalized on August 1, 2025, and will fund the transformation of a 20-plus-acre site located at 1456 NY-9D.
The five-year, interest-only loan was provided by NexBank and NexPoint, with Taylor Colbert and Mike Mendelow brokering the deal.
Development plans for the site include a 112,000-square-foot, climate-controlled self-storage facility to operate under the Public Storage brand, a 3,000-square-foot car wash, and a 2,300-square-foot quick-service restaurant or retail space. An existing Sunoco gas station on the property will remain in operation. The project’s residentially zoned portion is reserved for a future phase of development.
The property was sold by Ninnie Management Corp., represented by JonCar Realty. Anthony Scavo, president and managing partner at Basis Industrial, acted as both the buyer and the buyer’s agent.
“This transaction has been years in the making, and we’re proud to finally move forward,” said Scavo. “It brings much-needed revitalization to a high-traffic corridor and expands our development footprint in the Northeast.”
