Basis Industrial Secures $30 Million Loan From NexBank For Mixed-Use Development In Wappingers Falls

A mixed-use property located at 1456 Route 9D in Wappingers Falls, NY has secured a loan amount of $30,000,000. The asset encompasses a total area of 112,000 square feet, translating to a price per square foot of $267. The acquisition and construction loan closed on August 1, 2025, related to a project set on more than 20 acres of land, which will feature a climate-controlled self-storage facility, a car wash, and a quick-service restaurant/retail space. The existing Sunoco gas station at the site will continue operations.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $30,000,000
• Loan Amount: $30,000,000
• Square Footage: 112,000
• Price per Square Foot: $267
• Address: 1456 Route 9D
• Market: Wappingers Falls
• Lender: Taylor Colbert - NexPoint & Mike Mendelow - NexBank
• Landlord: Anthony Scavo
• Landlord's Representative: Anthony Scavo - Basis Industrial
• Seller: Ninnie Management Corp
• Seller's Representative: JonCar Realty

The transaction involved key figures including Taylor Colbert from NexPoint and Mike Mendelow from NexBank as lenders. Anthony Scavo represented Basis Industrial and is the landlord in this transaction. Ninnie Management Corp was the seller, represented by JonCar Realty. This deal followed nearly four years under contract and a three-year entitlement process.