Webster Bank Refis Student Housing Near RIT With $46M Loan 

Aptitude Development has inked a $46 million loan to refinance a newly built student housing complex serving Rochester Institute of Technology (RIT), Commercial Observer can first report. 

Webster Bank provided the loan for The Marshall Rochester in West Henrietta, N.Y., two miles south of the RIT campus.

Arrow Real Estate Advisors arranged the transaction with a team led by Morris Betesh and Louis Halperin. 

“What mattered here was finding a capital partner who recognized the fundamentals: RIT’s steady growth, the strength of a truly Class A asset, and the reliability of an institutional sponsor,” Betesh, founder and managing partner of Arrow Real Estate Advisors, said in a statement. “Webster Bank saw the underlying story and stepped in with confidence.”

Betesh noted that the property benefits from sustained enrollment growth from RIT, which has a nationally recognized engineering program. He added that rentable housing near RIT remains limited with minimal new development in the pipeline. 

Located at 3948 East River Road, The Marshall Rochester comprises 494 beds in 201 units across six three-story buildings and 518 parking spaces. Community amenities include a fitness center, a pool table, a lacrosse field, a tennis court and a spa along with 8 acres of green space.

Officials at Aptitude Development and Webster Bank did not immediately return requests for comment. 

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