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Basis Industrial Closes on Loan for Upstate Mixed-Use Site
Basis Industrial closed on a $33-million acquisition and construction loan on August 1, 2025, for a 20-plus-acre mixed-use development located at 1456 NY-9D in Wappingers Falls, NY. The five-year, interest-only loan was provided by NexBank & NexPoint, with Taylor Colbert and Mike Mendelow facilitating the deal.
The site will be developed into a 112,000-square-foot climate-controlled self-storage facility under the Public Storage Brand, a 3,000-square-foot car wash and a 2,300-square-foot quick-service restaurant or retail space. An existing Sunoco gas station will remain in operation. The remaining acreage, zoned residential, will be part of a future phased development.
The seller is Ninnie Management Corp., represented by JonCar Realty. Basis president and managing partner Anthony Scavo served as buyer and buyer’s agent.
“This transaction has been years in the making, and we’re proud to finally move forward,” said Scavo, adding that it brings “much-needed revitalization to a high-traffic corridor and expands our development footprint in the Northeast.”
- ◦Development
- ◦Financing
