Basis Industrial Lands Financing for Detroit Facility

Old National Bank provided the construction loan.

The company will break ground on its first Detroit self storage facility in October 2023. Image courtesy of Basis Industrial

The company will break ground on its first Detroit self storage facility in October 2023. Image courtesy of Basis Industrial

Basis Industrial has received an $8.3 million construction loan for the development of a 645-unit self storage facility in Detroit. In a transaction arranged by Berkadia, Old National Bank provided the financing for the 78,187-square-foot property, which will be managed by Public Storage.

Basis Industrial purchased the site in October 2021 for $817,000. O’Connor Realty represented the seller. The company plans to break ground on the project next month, with a scheduled delivery in the fall of 2024.

Upon completion, the facility will feature climate-controlled units, ranging between 25 and 300 square feet. Amenities will include video surveillance, electronic gate access, keypad access and moving supplies.

The self storage property is taking shape at 1610 Algonquin St., less than 6 miles from downtown Detroit, through Jefferson Avenue. As of September, Detroit had a supply pipeline of 42 self storage facilities in various stages of development, set to add approximately 2.3 million square feet to the existing inventory, Yardi Matrix data shows.

This project marks Basis Industrial’s first foray into the Detroit self storage market. The company currently has 15 storage projects in various stages of development across the U.S. Basis Industrial owns more than 2.5 million square feet of storage and industrial spaces. Throughout the years, the firm has developed more than 100 self storage facilities totaling some 10 million square feet, with a total development cost of $1.5 billion.

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