Basis Industrial Closes $24 Million Construction Loan for Wayne, NJ Self-Storage Development

Basis Industrial has closed a $24 million construction loan to finance a ground-up self-storage development at 555 Hamburg Turnpike in Wayne, New Jersey, the firm announced July 6. The project will encompass approximately 85,330 square feet and deliver 586 climate-controlled storage units upon completion, with construction scheduled to begin in August 2026 and delivery anticipated in February 2028.

The lender was not disclosed in available sources. The deal marks an expansion of Basis Industrial's self-storage platform into what the firm describes as a supply-constrained submarket in northern New Jersey.

A Three-Year Entitlement Process Clears the Path

The Wayne development advanced only after more than three years of entitlement work, planning efforts and municipal approvals — a timeline that underscores the regulatory complexity of delivering new self-storage in affluent suburban markets. Basis Industrial characterized the extended approval process as both a challenge and a competitive advantage, noting that the difficulty of securing entitlements in such markets limits the pipeline of competing supply.

The firm positioned Wayne as a high-barrier-to-entry market where demand is supported by dense population centers, strong household incomes and limited opportunities for new competing supply. As available land becomes increasingly scarce throughout suburban communities, Basis said, opportunities to develop new self-storage facilities have grown more difficult to secure — a dynamic the company views as central to its investment strategy.

Platform Growth and Vertically Integrated Strategy

Basis Industrial described the Wayne project as part of a broader national expansion of its self-storage platform. The firm said it currently owns and manages more than 10 million square feet of industrial and self-storage real estate nationwide, with additional expansion planned through the end of 2026.

The company operates as a vertically integrated real estate owner and operator, with BaySpace serving as its property management arm. Basis said its integrated model allows it to manage each stage of the investment lifecycle — from acquisitions and entitlements through development, delivery and ongoing operations — while maintaining what it described as a disciplined approach to growth.

The Wayne development is cited by the firm as an example of its platform-driven approach to pursuing projects that require long-term planning, specialized expertise and certainty of execution.

Wayne Project Details

The development at 555 Hamburg Turnpike will consist of approximately 85,330 square feet of rentable space across 586 climate-controlled storage units. The project is a ground-up construction on a site that required more than three years of regulatory work before financing could be secured. Construction is expected to begin in August 2026, with the facility targeted for delivery in February 2028.

Basis Industrial said the project is intended to meet growing demand for modern storage solutions in one of New Jersey's more supply-constrained submarkets. The firm did not disclose lease-up projections, targeted occupancy rates or anticipated rents for the facility.

Company Background

Basis Industrial is a vertically integrated real estate owner and operator. The firm was formed by Jay Massirman, Stephen J. Garchik and Daniel Weinstein, with Anthony Scavo serving as president and managing partner. Together, the firm's sponsors have more than 100 years of combined real estate development and management experience, according to Basis Industrial.

Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Georgia, Los Angeles, Alabama and select urban markets nationwide. The firm was ranked the No. 1 fastest-growing company by the South Florida Business Journal in 2023, No. 3 in 2024 and No. 4 in 2025. Basis was also the recipient of Commercial Observer's Breakthrough Awards in the Industrial Transaction of the Year category in 2024 and Innovation in Industrial in 2025.

Sources: Basis Industrial