Real estate finance advisory firm Arrow Real Estate Advisors arranged a $46 million refinance for The Marshall at Rochester, a Class A student housing community located at 3948 East River Road in West Henrietta, N.Y., minutes from the Rochester Institute of Technology (RIT).
The financing was secured on behalf of Aptitude Development, a national developer of purpose-built student housing. Webster Bank served as the lender. Arrow Real Estate Advisors’ Morris Betesh, founder and managing partner; Morris Dabbah, senior vice president, and Louis Halperin, associate, arranged the refinancing.
“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 said. “Webster Bank saw the underlying story and stepped in with confidence.”
Delivered in 2023, The Marshall at Rochester comprises 494 beds across 201 units and features six three-story buildings totaling 299,051 square feet. The community offers 518 parking spaces, 12,129 square feet of amenity space and over eight acres of outdoor green space, making it one of the highest-quality student housing assets in the Rochester market.
The property benefits from sustained enrollment growth at RIT, a nationally recognized university with a strong engineering and technology student base, and a supply-constrained market. Rentable housing near campus remains limited, with minimal new development expected.
