On Friday, Walker & Dunlop, Inc. announced that it had successfully arranged a refinancing deal worth nearly $1.2 billion for One High Line – a luxurious mixed-use property situated along Manhattan’s High Line and adjacent to the Meatpacking District. The firm provided guidance to the developers of the property – The Witkoff Group, Access Industries, and Monroe Capital.
The New York Capital Markets team at Walker & Dunlop led by Aaron Appel, Keith Kurland, Jonathan Schwartz , Adam Schwartz , Jordan Casella , Michael Diaz , Jackson Irwin and William Herring identified JPMorgan as the provider of senior loan while TYKO Capital backed by Elliott Investment Management was chosen for mezzanine financing. These funds will be utilized to repay existing debt obligations as well as cover remaining hard and soft costs associated with this project.
Aaron Appel stated that securing competitive financing for this project is proof of its appeal and potential in the market. He further added that they received multiple bids from lenders which reflects their confidence in this luxury development located in one of New York’s prime locations.
Alex Witkoff also expressed his satisfaction with securing such significant construction loans stating how it demonstrates their financial partners’ trust in their proven track record as well as this remarkable building which has exceeded market expectations since its inception.
