NexBank Provides $27 Million Construction Loan For Public Storage Development In Rockville Centre
117 North Long Beach Road
$27,000,000
$222/SF
Building Size
121,500 SF
Asset Type
Self Storage
Closing
Oct 23, 2025
AI
The asset involved is a self-storage facility located at 117 North Long Beach Road in Rockville Centre. The property encompasses a total square footage of 121,500 and is situated within the Long Island market. The loan amount for this construction project is $27,000,000.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $27,000,000
- Lender: Mike Mendelow - NexBank
- Lender's Attorney: Mike Mendelow (NexBank) & Taylor Colbert (NexPoint)
- Landlord: Anthony Scavo - Basis Industrial
- Loan Type: Construction
- Construction Start: Immediately
- Anticipated Completion: Early 2027
This transaction marks the second construction loan closing between Basis Industrial and NexBank/NexPoint, solidifying a strong lending partnership. The Rockville Centre project will be branded as Public Storage and is part of a larger development platform that includes plans for four to five additional self-storage projects over the upcoming year.
Players
Rockville Centre Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93