**Basis Industrial Secures $33M Loan for Wappingers Falls Mixed-Use Development**
Basis Industrial has finalized a $33 million acquisition and construction loan to support the development of a 20-plus-acre mixed-use project at 1456 NY-9D in Wappingers Falls, New York. The financing deal closed on August 1, 2025, and features a five-year, interest-only structure. NexBank and NexPoint provided the loan, with Taylor Colbert and Mike Mendelow facilitating the transaction.
The planned development includes a 112,000-square-foot climate-controlled self-storage facility operated 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-site will remain in operation. The property’s remaining land, which is zoned for residential use, is designated for future phased development.
The seller, Ninnie Management Corp., was represented by JonCar Realty. Basis Industrial’s president and managing partner, Anthony Scavo, acted as both buyer and buyer’s agent in the transaction.
“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.”
