Basis Industrial Lands $40M for New York Mixed-Use Property

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.

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

Architectural firm SGW Architecture & Design, landscape architect JMC and environmental consultant Ecological Solutions are part of the project.  

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’s first multi-tenanted industrial acquisition in Westchester County.

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Plans call for the construction of a 117,000-square-foot mixed-use property, 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’s third quarter.

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.

The property reached 100 percent pre-construction leasing, with tenants such as Extra Space Storage, Sportime and Jan-Tile—which will expand its tile and stone business by leasing the 8,000-square-foot warehouse.

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.

Basis Industrial’s collaborations with Beach Point

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.

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 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.