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 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.
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 email@example.com.