BETHESDA, Md.--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today that it arranged a $1.2 billion refinancing for One High Line, a premier luxury mixed-use property located along Manhattan’s iconic High Line and adjacent to the vibrant Meatpacking District.
The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Diaz, Jackson Irwin, and William Herring, acted as exclusive advisors to The Witkoff Group, Access Industries and Monroe Capital, and identified JP Morgan to provide the senior loan, and TYKO Capital, which is backed by Elliott Investment Management, to provide the mezzanine financing. The funds will be utilized to repay existing debt, fund remaining hard and soft costs, establish an interest and carry reserve, and cover financing and closing costs associated with the transaction.
“Securing competitive financing for this project was a testament to the property’s appeal and potential,” said Aaron Appel, managing director and co-head of New York Capital Markets at Walker & Dunlop. “We received multiple competitive bids, underscoring lender confidence. We are seeing an increase in luxury projects emerging in New York, and this one tops it all in premium location and asset."
One High Line spans 750,000 net square feet, set across two towers and a five-story commercial building. It houses 236 substantially completed condominium units and over 18,000 square feet of residential amenities. A prestigious 120-key Faena branded hotel is anticipated to open in 2025, featuring a 17,000 square foot spa. In addition, the property offers 45,000 net square feet of boutique office and approximately 13,000 net square feet of prime retail. The development spans an entire city block in one of New York City’s most sought-after neighborhoods of West Chelsea.
One High Line is located above New York's renowned High Line, at the vibrant core of West Chelsea, Manhattan's burgeoning creative hub. West Chelsea boasts prestigious cultural institutions such as the Whitney Museum, alongside top-tier art galleries and open-air art installations. The neighborhood also offers sought-after dining venues, extensive parklands, scenic running paths, ballfields, and picturesque piers lining the Hudson River Park waterfront.
The Witkoff Group, Access Industries, and Monroe Capital LLC together acquired the partially completed project in December 2021. One High Line stands as the best-selling property in New York City by total value and units sold over $5.0 million.
In 2023, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
