Basis Industrial is eyeing a February 2028 completion date for its new 85,330-square-foot, 586-unit self-storage facility in Wayne. — Rendering courtesy: Basis Industrial
By Joshua Burd
A developer has closed on a $24 million construction loan for a project that will bring a new 586-unit self-storage facility to Wayne, the firm announced last week.
According to a news release, NexBank and NexPoint provided the debt to Basis Industrial in connection with the property at 555 Hamburg Turnpike. That paves the way for the privately held firm, which is based in Delray Beach, Florida, to break ground in August and complete the 85,330-square-foot project in February 2028, as it looks to meet demand in one of northern New Jersey’s most affluent and supply-constrained markets.
The developer added that the project is part of its 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.
“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.”
