Morgan Stanley Provides $24M Refinance Loan For White Plains Office Buildings
235-245 Main Street, White Plains, NY, USA
$24,000,000
$154/SF
Building Size
155,293 SF
Asset Type
Office
Closing
Jul 9, 2020
About this deal
AI
The property involved in the transaction is an office asset located at 235-245 Main Street in White Plains, NY. The property spans 160,000 square feet and is owned by Caspi Development. The deal, which took place on July 9, 2021, involved a loan refinancing.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $24,000,000
Morgan Stanley served as the lender for the transaction. The loan terms include a 10-year term with a fixed interest rate of 3.85%. The loan covers two office buildings and features full term interest-only payments. The brokers involved in the deal were Bryan Manz, Emil DePasquale, and George Pektor.
Players
City of White Plains Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93