{"id":1004717636,"date":"2024-06-17T03:30:59","date_gmt":"2024-06-17T11:30:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004717636"},"modified":"2024-06-17T04:24:20","modified_gmt":"2024-06-17T12:24:20","slug":"basis-industrial-lands-40m-for-new-york-mixed-use-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/","title":{"rendered":"Basis Industrial Lands $40M for New York Mixed-Use Property"},"content":{"rendered":"\n

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\"Project
The 117,000-square-foot project will include a self-storage facility and a warehouse component. Rendering by SGW Architecture & Design, courtesy of Basis Industrial<\/em><\/figcaption><\/figure><\/div>\n\n\n

Basis Industrial has secured a $39.6 million loan package for a mixed-use property in Armonk, N.Y. The financing will be used for the construction of a new 117,000-square-foot mixed-use building, along with the refinancing of an existing 60,000-square-foot mixed-use warehouse facility.<\/p>\n\n\n\n

Beach Point Capital Management issued the 36-month, interest-only note in a deal negotiated by Ackman-Ziff Real Estate Group and Basis Industrial.<\/p>\n\n\n\n

Architectural firm SGW Architecture & Design, landscape architect JMC and environmental consultant Ecological Solutions are part of the project.  <\/p>\n\n\n\n

The 60,000-square-foot building and adjacent development site previously traded in 2023 for $30 million. At that time, Basis purchased it in a sale-leaseback from the Jan-Tile Group, according to CommercialEdge data. This marked the firm\u2019s first multi-tenanted industrial acquisition in Westchester County.<\/p>\n\n\n\n

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READ ALSO: Why 2024 Is the Year to Invest in Industrial Real Estate<\/a><\/p>\n\n\n\n

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Plans call for the construction of a 117,000-square-foot mixed-use property<\/a>, which will include 82,400 square feet of self-storage space, as well as a 26,550-square-foot pickleball facility and an 8,000-square-foot warehouse facility. Completion is expected in 2025\u2019s third quarter.<\/p>\n\n\n\n

The self-storage facility will rise three stories, encompassing 744 units ranging between 25 and 320 square feet. The warehouse component will consist of a single-story building featuring roughly 6,400 square feet of office space, a 2-foot-raised dock platform and two dock levelers, as well as a mezzanine structure.<\/p>\n\n\n\n

The property reached 100 percent pre-construction leasing, with tenants such as Extra Space Storage, Sportime and Jan-Tile\u2014which will expand its tile and stone business by leasing the 8,000-square-foot warehouse.<\/p>\n\n\n\n

Located at 100 Business Park Drive, the site is less than 1 mile from Interstate 684, as well as some 6 miles north of the Westchester County Airport and 8 miles northeast of downtown White Plains.<\/p>\n\n\n\n

Basis Industrial’s collaborations with Beach Point<\/h2>\n\n\n\n

Basis Industrial President and Managing Partner Anthony Scavo was part of the team arranging the deal. This financing marks the second collaboration between Beach Point Capital Management and Basis.<\/p>\n\n\n\n

The lender also provided a $70 million preferred equity\/mezzanine loan for Basis in late 2023. The company then purchased four assets and refinanced another two<\/a> in a 1,328,443-square-foot portfolio deal totaling $220 million. Bank United, Banesco and Thorofare Capital also issued $105 million in loan proceeds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beach Point Capital Management provided the construction and refinancing loan.<\/p>\n","protected":false},"author":3471,"featured_media":1004717637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37753,21752,21742,10],"tags":[51098],"class_list":["post-1004717636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-center-finance","category-mixed-use","category-latest","category-northeast","tag-ackman-ziff-real-estate-group"],"acf":[],"yoast_head":"\nBasis Industrial Lands $40M for New York Mixed-Use Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Basis Industrial has received a $39.6 million loan from Beach Point for the construction and refi of a mixed-use property in Armonk, N.Y.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Basis Industrial Lands $40M for New York Mixed-Use Property\" \/>\n<meta property=\"og:description\" content=\"Basis Industrial has received a $39.6 million loan from Beach Point for the construction and refi of a mixed-use property in Armonk, N.Y.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-17T11:30:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T12:24:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/es2-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"857\" \/>\n\t<meta property=\"og:image:height\" content=\"643\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/\",\"name\":\"Basis Industrial Lands $40M for New York Mixed-Use Property - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/es2-1.jpg\",\"datePublished\":\"2024-06-17T11:30:59+00:00\",\"dateModified\":\"2024-06-17T12:24:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\"},\"description\":\"Basis Industrial has received a $39.6 million loan from Beach Point for the construction and refi of a mixed-use property in Armonk, N.Y.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/basis-industrial-lands-40m-for-new-york-mixed-use-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/es2-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/es2-1.jpg\",\"width\":857,\"height\":643,\"caption\":\"The 117,000-square-foot project will include a self-storage facility and a warehouse component. 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