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 warehouse spanning 60,000 square feet and a new mixed-use building covering 117,000 square feet.
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 82,400 square feet; Sportime pickleball facility spanning over26 ,550 square feet; and Jan-Tile utilizing an additional8 ,000-square-foot warehouse space as their primary tenant.
The financing deal was arranged by Anthony Scavo – president and managing partner at Basis Industrial – along with Ackman-Ziff Real Estate Group through Beach Point Capital Management for a term period of36 months on interest-only basis. This is the second time that Basis Industrial has collaborated with Beach Point following their previous successful transaction worth $70 million in November2013 involving preferred equity/mezzanine loan.
According to Scavo,”We are pleased to expand our New York portfolio into Westchester County where there is high demand but low availability for industrial properties.” He further added that this exceptional self-storage,recreation,and warehousing complex will cater well to the needs of this market segment.
