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

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.