With correct exhaust, you can get a 400 air-cooled HPS under there. Basements are a DREAM to cool. But you are going to have to train your plants to grow quite short and flat.
I recommend a second small space like a cabinet just to get the plants going under T5s so you can have more frequent and efficient crops... get a new batch of clones or seedlings going while you have the old set in flower. When they finish, put the youngsters under there, and start ANOTHER batch of seeds. This is quite popular among hobby-scale growers.