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

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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 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. 

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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 acoen@commercialobserver.com.