Manhattan, NY Witkoff, Access Real Estate, and Monroe Capital LLC secured a $1.153 billion refinancing for One High Line, the luxury condominium project in West Chelsea designed by Danish architecture studio Bjarke Ingels Group (BIG). Since commencing closing last year, One High Line is again the top new development in Manhattan by dollar volume in the first half of 2024, with over $800 million in sales. Walker & Dunlop, Inc. arranged the financing, one of the largest single-asset transactions of 2024, in which JP Morgan provided a senior mortgage and TYKO Capital provided mezzanine financing.
Last year, the building signed multiple penthouse units, including three units over $25 million and one penthouse unit with an asking price of $52 million, the highest-priced sponsor unit to go into contract in 2023. Additionally, as the best-selling new downtown development, One High Line has closed more deals over $5 million and over $10 million than any other project in Manhattan.
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, acted as exclusive advisors to The Witkoff Group, Access Real Estate, and Monroe Capital, and identified JP Morgan to provide the $793 million senior debt loan, and TYKO Capital to provide the $360 million mezzanine financing.
Spread across two towers, each of the 236 residences offers views of the Hudson River and the New York City skyline. Situated along the High Line, a public park built upon a historic freight rail line elevated above the streets on the West Side, One High Line provides an urban living experience, connecting residents to the neighborhood. One High Line is also surrounded by galleries.
One High Line is the future home of the 5-star Faena Hotel, where residents will have access to its members club and a 17,000 s/f spa.
“We have delivered a world-class, record-breaking building that continues to surpass market expectations,” said Alex Witkoff, co-CEO of Witkoff Group. “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.”
“One High Line is among the most iconic and successful residential real estate projects in Manhattan since the pandemic. We are incredibly grateful to our financing partners at JP Morgan and Tyko Capital for seeing the value in our endeavor and providing the capital to ensure its success into the future,” said Jonah Sonnenborn, senior managing director of Access Industries and head of Access Real Estate.
“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. “We received multiple competitive bids, underscoring lender confidence. We are seeing an increase in luxury projects emerging in New York, and this one tops them all in premium location and quality.”
Photo credit: Evan Joseph
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