Dealmaker: Walker & Dunlop Refinances $1.2B for One High Line in Manhattan

(Illustration courtesy of Walker & Dunlop)

Walker & Dunlop, Bethesda, Md., arranged a $1.2 billion refinancing for One High Line, a mixed-use property located along Manhattan’s iconic High Line adjacent to the Meatpacking District.

A 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 advised The Witkoff Group, Access Industries and Monroe Capital on the transaction. The team 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 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. He noted he is seeing an increase in luxury projects emerging in New York.

One High Line spans 750,000 net square feet in two towers and a five-story commercial building. It houses 236 substantially completed condominium units and more than 18,000 square feet of residential amenities. A 120-key Faena-branded hotel is scheduled to open in 2025. The property also offers 45,000 net square feet of prime office and 13,000 net square feet of prime retail space. The development spans an entire city block in Manhattan’s West Chelsea neighborhood.

The Witkoff Group, Access Industries and Monroe Capital LLC together acquired the partially completed project in December 2021.