Basis Industrial has secured a $24 million construction loan from NexBank and NexPoint to develop a 586-unit self-storage facility at 555 Hamburg Turnpike in Wayne, New Jersey. The 85,330-square-foot project is set to break ground in August, with completion expected in February 2028. The financing follows a three-year approval process, reflecting the regulatory complexity common to high-barrier suburban markets. The transaction points to sustained capital interest in supply-constrained submarkets where new self-storage development remains difficult to advance.
Source: Real Estate NJ
