One High Line Developers Score $1.2B Refi

Walker & Dunlop, Inc. said Friday that it arranged a nearly $1.2-billion refinancing for One High Line, a luxury mixed-use property located along Manhattan’s High Line and adjacent to the Meatpacking District. The firm advised the property’s developers, The Witkoff Group, Access Industries and Monroe Capital.

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, identified JPMorgan to provide the senior loan, and Elliott Investment Management-backed TYKO Capital to provide 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 Appel. “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.”

Added Alex Witkoff, co-CEO of The Witkoff Group, “We have delivered a world-class, record-breaking building that continues to surpass market expectations. The closing of this significant construction loan represents the support and confidence our financial partners have in our proven track record as well as this remarkable building.”