Basis Industrial has secured a $27 million construction loan for a 121,500-square-foot self storage development in Long Island’s Rockville Centre, N.Y. NexBank and NexPoint provided the senior and mezzanine loans, respectively. The facility is scheduled to break ground immediately and come online in early spring 2027.
Basis Industrial President & Managing Partner Anthony Scavo arranged the deal, while NexPoint Director Taylor Colbert led the financing. Attorney Mike Mendelow represented NexBank in the transaction.
The development site traded in the fourth quarter of 2022 for $5.5 million. The present transaction marks the second closing between Basis Industrial and NexBank/NexPoint; the companies closed on a $33 million acquisition and construction loan for another self storage development in Wappingers Falls, N.Y., back in August, Connect CRE wrote at the time. Colbert and Mendelow also arranged that deal.
Basis Industrial expects to close four to five other deals for developing self storage facilities over the next six to eight months, using the current development’s lending platform.
The future facility in Long Island
Branded under the Public Storage portfolio, the future facility will be located at 117 N. Long Beach Road, just off New York State Route 27, connecting it to Midtown Manhattan, located some 32 miles east. The development will feature climate-controlled units, as well as parking and gated access, report shows.
The future property is one of 11 facilities within a 3-mile radius, offering residents more than 3 rentable square feet per capita, according to the same data provider. Currently there are 26 facilities in all stages of development in the Long Island storage market. Only three of them are currently under construction, set to add 282,989 rentable square feet to the area.
September saw 2,969 self storage properties in all stages of development nationwide, the latest self storage report shows. The under-construction pipeline consisted of 702 properties, amounting to 52.5 million net rentable square feet, or 2.6 percent of the total stock—a 10-basis-point drop month-over-month.
