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Basis Industrial Closes $24 Million Construction Loan for Wayne, N.J., Self-Storage Development

By June 1, 2026June 23rd, 2026No Comments

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Delray Beach, Fla., announced the closing of a $24 million construction loan on June 18, 2026, for a ground-up self-storage development located at 555 Hamburg Turnpike in Wayne, N.J.

The project will encompass approximately 85,330 square feet and 586 climate-controlled storage units upon completion. The loan was provided by NexBank and NexPoint. Construction is expected to begin in August 2026, with delivery anticipated in February 2028. The approximately $24 million development will deliver a modern storage solution to one of northern New Jersey’s most supply-constrained markets.

Located in Wayne, one of the state’s most affluent and supply-constrained markets, the development advances after more than three years of entitlement, planning and municipal approval efforts.

“After more than three years of working through the approval process, we are pleased to reach this milestone and begin construction,” said Anthony Scavo, president and managing partner of Basis Industrial. “Wayne is a market with strong demographics and limited opportunities for new self-storage development, making it an attractive addition to our growing pipeline.”

Demand for self-storage continues to grow throughout the area, driven by dense population centers, strong household incomes and limited opportunities for new development.

The Wayne development represents another milestone in Basis Industrial’s growing self-storage platform and reflects the company’s continued focus on pursuing opportunities in high-barrier-to-entry markets with strong long-term fundamentals. Located in one of the state’s most land-constrained and affluent submarkets, the project is expected to help meet increasing demand for modern storage solutions while further expanding the company’s development pipeline.

Editors’ note: To access high-resolution images of the portfolio, visit https://www.dropbox.com/scl/fo/eofpcig89lkmcy16exoox/AGre3bdzHNEc0aJ-F4tBzRc?rlkey=dcszt30pxkan5g1pfw04ewc1x&dl=0

Photo credit: Basis Industrial

About Basis Industrial

Basis Industrial is a vertically integrated real estate owner and operator. Anthony Scavo runs the day-to-day activities of the company, serving as president and managing partner. Industry veterans Stephen Garchik, Jay Massirman, and Daniel Weinstein are partners in Basis Industrial and sit on the investment committee. Together they have over 100 years of combined Real Estate Development and Management experience in the leadership alone. Basis currently owns more than 10 million square feet of self-storage and multi-tenant industrial real estate, with an additional 2 million to 3 million square feet expected by the end of 2026. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Atlanta, Los Angeles, Alabama, Massachusetts, Michigan, and select urban markets nationwide.

In total, the sponsors have developed and managed over 20 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal in 2023, ranked No. 3 in 2024 and No. 4 in 2025. In 2024 and 2025, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category in 2024 and Innovation in Industrial in 2025. For more information, visit www.basisindustrial.com or www.bayspace.com.

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1. What you love to do and why.

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