Deutsche Bank Refis Hyde Park Apartments With $50M CMBS Loan

More than nine decades after Franklin Delano Roosevelt’s “the only thing we have to fear is fear itself” line during the Great Depression, a multifamily property in the shadows of the 32nd president’s birthplace is living up to that motto via the securitization market.

Lexington Property Group has sealed a $50 million commercial mortgage-backed securities (CMBS) loan to refinance The Royal Ledges Apartments in Hyde Park, N.Y., just down the road from FDR’s childhood home and presidential library. 

Deutsche Bank originated the refi, which consolidates existing debt on the asset into a single CMBS loan facility in a deal arranged by Arrow Real Estate Advisors’ Morris Betesh, Israel Mermelstein, Omar Ferreira and Jacob Petrovic. 

​​“This refinance underscores Lexington Property Group’s strong operational management and the continued strength of high-quality multifamily assets,” Betesh, founder and managing partner at Arrow, said in a statement. “By executing under a compressed timeline, we delivered a long-term financing solution with Deutsche Bank that positions The Royal Ledges for continued success.”

Located at 4676 Albany Post Road three miles from the FDR Library,  The Royal Ledges Apartments consists of 19 buildings with 272 units. Community amenities in the 1974-built complex include a swimming pool, a basketball court, a dog park, and a picnic area.

Officials at Lexington Property Group did not immediately return a request for comment. Deutsche Bank declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.