Walker & Dunlop Refinances $1.2 Billion for Premier One High Line in Manhattan

One High Line (Photo: Business Wire)

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, served as exclusive advisors to The Witkoff Group, Access Industries and Monroe Capital, and identified JP Morgan to provide the senior loan and TYKO Capital, backed by Elliott Investment Management, to provide the mezzanine financing. The funds will be used to retire 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 asset’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, which underscored the lenders’ confidence. We’re seeing an uptick in luxury projects in New York, and this project ticks all the boxes in terms of premium location and assets.”

One High Line will comprise 750,000 net square feet across two towers and a five-story commercial building. It will feature 236 substantially completed condominium units and over 18,000 square feet of residential amenities. A prestigious 120-room Faena Hotel is expected to open in 2025, featuring a 17,000-square-foot spa. Additionally, the property will offer 45,000 net square feet of boutique office space and approximately 13,000 net square feet of premier retail. The development will occupy an entire city block in one of New York City’s most sought-after neighborhoods, West Chelsea.

One High Line is located above New York’s famous High Line, in the vibrant heart of West Chelsea, Manhattan’s emerging creative hub. West Chelsea is home to prestigious cultural institutions like the Whitney Museum, as well as world-class art galleries and outdoor art installations. The neighborhood also offers sought-after dining options, expansive parkland, scenic jogging trails, baseball fields, and picturesque piers along the waterfront of Hudson River Park.

The Witkoff Group, Access Industries and Monroe Capital LLC jointly acquired the partially completed project in December 2021. One High Line is the top-selling property in New York City by total value, with more than $5.0 million in units sold.

In 2023, Walker & Dunlop’s Capital Markets Group raised capital for transactions totaling nearly $12 billion from non-Agency capital providers. This extensive experience has made them a top advisor across all asset classes to many of the industry’s top developers, owners and operators. Visit our website to learn more about Walker & Dunlop’s broad range of financing options.

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, the breadth of our brand and technological capabilities make us one of the most insightful and customer-focused firms in the commercial real estate industry.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20240816392993/en/

Walker & Dunlop shares were down £100 at the time of the news release. -1.59 % up to 93.00EUR on the Tradegate exchange (August 16, 2024, 5:32 PM).