Basis Industrial Secures $40M Construction Loan for Armonk MXU
Basis Industrial, a privately held and vertically integrated real estate owner and operator, secured a $39.6 million construction loan for its mixed-use property at 100 Business Park Drive, Armonk, NY. The project includes a 60,000-square-foot existing warehouse and a new 117,000-square-foot mixed-use building.
The new facility, set for completion by Q3 2025, has achieved 100% preconstruction leasing. It will house an 82,400-square-foot Extra Space Storage, a 26,550-square-foot Sportime pickleball facility, and an 8,000-square-foot warehouse for Jan-Tile, the primary existing tenant.
Anthony Scavo, president and managing partner of Basis Industrial, and Ackman-Ziff Real Estate Group arranged the 36-month interest-only loan from Beach Point Capital Management. This marks the second financing transaction between Basis Industrial and Beach Point, following a $70 million preferred equity/mezzanine loan in November 2023.
“Westchester County has a lack of industrial assets and very low vacancy in this asset class. By expanding our New York portfolio into this county, we are happy to provide this exceptional self-storage, recreation, and warehouse facility,” said Scavo.
