Basis Industrial Secures $40M Loan for Project in Westchester County
By Mark Hallum June 14, 2024 2:32 pm
reprints
Basis Industrial has locked down a $39.6 million construction loan for its new mixed-project in Armonk, N.Y., the firm announced Friday.
Beach Point Capital Management provided the 36-month, interest-only loan, while Ackman-Ziff arranged the deal.
The developers are using the funds to refinance the existing building at 100 Business Park Drive — a 60,000-square-foot warehouse — and also facilitate the construction of a new 117,000-square-foot mixed-use building at the site.
Construction on the project will begin in July and wrap up in the third quarter of 2025.
Anthony Scavo, president of Basis Industrial, led the deal on behalf of the developer.
“Westchester County has a lack of industrial assets and very low vacancy in this asset class,” Scavo said in a statement. “By expanding our New York portfolio into this county, we are happy to provide this exceptional self-storage, recreation and warehouse facility.”
Beach Point did not immediately respond to a request for comment.
Some of the tenants that have pre-leased space in the project include Extra Space Storage with about 82,400 square feet, a pickleball facility known as Sportime with 26,550 square feet, and Jan-Tile which already operates out of 8,000 square feet on the property but needs additional space.
It’s not the first time the lender and borrower have transacted. Beach Point also provided $70 million in preferred equity and mezzanine financing in December 2023, as reported by CO.
“Beach Point Capital Management came through again for us,” Scavo said.
Mark Hallum can be reached at mhallum@commercialobserver.com.
