On Friday, Walker & Dunlop, Inc. announced that they successfully arranged a refinancing deal worth nearly $1.2 billion for One High Line – a luxurious mixed-use property situated along Manhattan’s renowned High Line and adjacent to the Meatpacking District. The firm provided advisory services to the developers of the property: The Witkoff Group, Access Industries and Monroe Capital.
The team at Walker & Dunlop New York Capital Markets, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz Jordan Casella Michael Diaz Jackson Irwin and William Herring worked together to secure JPMorgan as the senior loan provider while TYKO Capital – backed by Elliott Investment Management – provided mezzanine financing. These funds will be used for various purposes such as repaying existing debt; covering remaining hard and soft costs; establishing an interest reserve; carrying out financing activities associated with this transaction.
Appel stated that securing competitive financing for this project was proof of its appeal and potential in terms of attracting multiple bids from lenders who have shown confidence in it. He also mentioned seeing an increase in luxury projects emerging within New York City but believes One High Line stands out due to its prime location and asset quality.
Alex Witkoff (co-CEO of The Witkoff Group) added that their team has delivered a world-class building which continues breaking market expectations consistently over time. This significant construction loan closing is indicative of their financial partners’ trust in their proven track record as well as this remarkable building itself.
