Morgan Stanley lends $140.5m on 31 Penn Plaza

Morgan Stanley has provided a $140.5m loan to New York-based real estate investment firm Savanna for the refinancing of 31 Penn Plaza in Midtown Manhattan. 31 Penn Plaza 31 Penn Plaza The two-year (with three one-year extension options) floating rate loan carries an initial coupon under 2%, Kelly Gaines, a managing director at Jones Lang LaSalle who led the financing, told Real Estate Capital.