Finance  ·  CMBS

Morgan Stanley Lends $24M to Caspi on Westchester Office Property


Caspi Development has nabbed $24 million of commercial mortgage-backed securities (CMBS) debt to refinance a Westchester County office property, Commercial Observer has learned.

Morgan Stanley (MS) supplied the 10-year CMBS loan — which features a fixed rate of 3.85% with full-term, interest-only payments — for the 160,000-square-foot building in Downtown White Plains, N.Y. 

SEE ALSO: Michael Cohen’s Brighton Capital Ushers CRE Borrowers Through Loan Servicing Era

Bryan Manz, Emil DePasquale and George Pektor of Black Bear Capital Partners arranged the financing package.

Caspi has invested nearly $3 million in capital improvements to the 60,000-square-foot office complex, located at 235-245 Main Street, the last three years, including the construction of Fogo de Chão, an upscale Brazilian steakhouse. 

Office tenants include Chicago Title Insurance Co., MCIMetro Access Transmission Services, Babchik & Young, Martin Clearwater & Bell, and Gary E. Bashian.

Officials for White Plains-based Caspi Development did not immediately respond for comment on the loan. Morgan Stanley declined to comment.

Andrew Coen can be reached at