Basis Industrial has received an $11 million construction loan for the development of a 955-unit self-storage facility in Melbourne, Florida.
In a transaction arranged by Berkadia, American Momentum Bank provided the financing for the 126,741-square-foot property, which will be managed by Extra Space Storage.
Basis Industrial purchased the site in November 2022, along with a small bay portfolio, for a combined $30 million. Marcus & Millichap First Vice President Kenneth Hobson represented the seller, and Basis Industrial was represented in-house by President Anthony Scavo. The company broke ground on the project in July 2023, with a scheduled delivery in the fall of 2024.
Upon completion, the three-story facility will feature climate-controlled units ranging between 25 and 300 square feet. The property will operate under the Extra Storage brand, offering amenities such as video surveillance, drive-up access and moving carts.
The self storage project is taking shape at 2560 Aurora Road on 4.2 acres. The property is situated in Florida’s east central area, some 64 miles from Orlando. Upon completion, the facility will be one of the 17 available within a 3-mile radius, offering residents 14.6 rentable square feet of storage space per capita.
Basis Industrial currently has 15 storage projects in various stages of development throughout the U.S. The company recently received an $8.3 million construction loan for the development of a 645-unit self storage facility in Detroit, scheduled for delivery in 2024.
