Basis Industrial Closes on $8M Construction Loan for Detroit Self-Storage

Basis Industrial, a privately held real estate owner and operator, closed on an $8.308 million construction loan for a self-storage facility located at 1610 Algonquin Street in Detroit, Michigan.

Boca Raton, Florida-based Basis acquired the development site in October 2021 for $817,000. O’Connor Realty represented the seller, Phillip Kofta. Berkadia sourced the construction financing from Old National Bank. Basis plans to break ground on the 78,187-square-foot, state-of-the-art self-storage facility in the coming weeks. The property will feature 645 climate-controlled units, advanced security systems, and other amenities. Public Storage will manage the facility upon completion.

“We are thrilled to have secured construction financing in this tumultuous market. We can now move forward with the next steps in developing this state-of-the-art self-storage facility, which will be our first but not our last in Detroit,” said Anthony Scavo, president of Basis Industrial. This is the company’s third construction loan closing this year.