Basis Industrial Closes $101.5 Million Refinancing With BlackRock Managed Funds and Accounts for Sev

DELRAY BEACH, FLA. (Dec. 22, 2025) — Basis Industrial, a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein, with Anthony Scavo serving as president and managing partner, announced Dec. 18 the closing of a $101.5 million refinancing loan with BlackRock Managed Funds and Accounts to refinance seven open and operating self-storage facilities across the country.

The refinanced portfolio includes 785,522 square feet and 6,147 storage units across seven climate-controlled facilities in Voorhees, New Jersey; York, Pennsylvania; Carmel, New York; Plymouth, Massachusetts; Berkeley Heights, New Jersey; Melbourne, Florida; and Detroit, Michigan. All seven properties are now open and operating, with occupancy rates continuing to climb as the facilities complete their lease-up phases.

The refinancing positions Basis Industrial to capitalize on lower debt costs and increased interest reserves while supporting continued lease-up operations across the portfolio. With all seven sites now complete and operational, the firm said the timing aligned with its strategy to refinance construction debt as properties transition to stabilized assets.

"With all seven properties now open and operating, this was the right time to refinance now that construction is complete, and occupancy is continuing to climb," said Anthony Scavo, president and managing partner of Basis Industrial. "We love these markets and are excited to have gotten this deal done with BlackRock."

The seven facilities represent the first self-storage sites within Basis Industrial's portfolio to be developed and opened since the firm began its self-storage development program in 2021. The properties are branded and operated under Public Storage and Extra Space Storage.

Basis Industrial selected the seven markets for their low existing self-storage supply, high household incomes and high barriers to entry due to limited available land for development, difficult planning boards and approval and zoning challenges, the company said.

The portfolio includes:

• Voorhees, New Jersey(111 Centennial Blvd., Voorhees, NJ 08043): 113,640 square feet, 855 units, 7.15 acres. Public Storage branded. Opened Dec. 19, 2025.
• York, Pennsylvania(2899 Whiteford Road, York, PA 17402): 126,383 square feet, 1,000 units, 7.49 acres. Extra Space branded. Opened May 1, 2022. Current occupancy: 89%.
• Carmel, New York(155 Hughson Road, Carmel, NY 10512): 71,550 square feet, 501 units, 11.15 acres. Extra Space branded. Opened May 16, 2023. Current occupancy: 86%.
• Plymouth, Massachusetts(5 Resnik Road, Plymouth, MA 02360): 111,422 square feet, 806 units, 2.07 acres. Public Storage branded. Opened Oct. 25, 2023. Current occupancy: 87%.
• Berkeley Heights, New Jersey(135 Industrial Road, Berkeley Heights, NJ 07922): 157,599 square feet, 1,348 units, 3.55 acres. Public Storage branded. Opened Feb. 12, 2025. Current occupancy: 17%.
• Melbourne, Florida(2560 Aurora Road, Melbourne, FL 32904): 126,741 square feet, 992 units, 4.13 acres. Extra Space branded. Opened Aug. 1, 2025. Current occupancy: 19%.
• Detroit, Michigan(1610 Algonquin St., Detroit, MI 48215): 78,187 square feet, 645 units, 6.10 acres. Public Storage branded. Opened Nov. 20, 2025. Current occupancy: 5%.

All seven facilities feature 100% climate-controlled storage units.

The transaction was arranged by Scavo and Arrow Real Estate Advisors. Morris Betesh, managing partner at Arrow Real Estate Advisors, and Morris Dabbah, senior vice president at Arrow Real Estate Advisors, represented Basis Industrial in the financing. Daniella Marca, executive director at BlackRock, represented BlackRock Managed Funds and Accounts.

With rates dropping, construction completing on all seven sites and our portfolio continuing to grow, this was the right time, and working with the BlackRock team was a true pleasure," Scavo said. "In today's world, private lenders are the way to go for loans this size."

Basis Industrial said the refinancing supports its broader self-storage development strategy. The firm currently has 11 additional self-storage sites at various stages of development, with four additional sites scheduled to open in 2026.

The company said it has more than 2 million square feet and 15,000 units of self-storage product either open and operating, under construction or in predevelopment working through entitlements.

Basis Industrial currently owns more than 7 million square feet of self-storage and industrial real estate, with an additional 2 million to 3 million square feet expected by the end of 2026. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama and select urban markets nationwide.