Basis Industrial has secured construction financing for a new self-storage development in northern New Jersey, closing on a $24 million loan for a ground-up project in Wayne. The privately held, vertically integrated real estate owner and operator, headquartered in Delray Beach, FL, obtained the financing on June 18, 2026. The loan will support development of a climate-controlled self-storage facility at 555 Hamburg Turnpike in Wayne, N.J.
Upon completion, the facility is expected to comprise approximately 85,330 square feet and a total of 586 climate-controlled storage units. The capital was provided by NexBank and NexPoint, which together are supplying the construction financing for the project. Basis Industrial is advancing the development following an extended entitlement period that preceded the loan closing.
Construction is scheduled to commence in August 2026, positioning the project to enter the market in early 2028. Delivery is anticipated for February 2028, according to Basis Industrial. The facility is described as a new storage solution in one of northern New Jersey’s most supply-constrained self-storage markets, where opportunities for new development are characterized as limited.
Anthony Scavo, president and managing partner of Basis Industrial, noted that the construction start follows a multi-year approvals process. He stated that the company spent more than three years working through the approval process before reaching this financing milestone and preparing to begin vertical construction. Scavo added that Wayne offers strong local demographics and relatively few sites suitable for new self-storage product, which the company views as a favorable backdrop for adding this asset to its development pipeline.
Basis Industrial positions itself as a vertically integrated real estate owner and operator, and this Wayne self-storage facility will expand its growing pipeline of projects. With construction financing in place, the company is moving from entitlement and planning into the execution phase for the 555 Hamburg Turnpike property, with the goal of addressing storage needs in a constrained northern New Jersey submarket.
