Walker & Dunlop Refinances $1.2 Billion for Premier One High Line in Manhattan
Walker & Dunlop has arranged a $1.2 billion refinancing for One High Line, a luxury mixed-use property in Manhattan. The New York Capital Markets team, led by Aaron Appel, secured funding from JP Morgan and TYKO Capital. The refinancing will repay existing debt, fund remaining costs, and establish reserves.
One High Line spans 750,000 net square feet across two towers and a commercial building, featuring 236 condominium units, a future 120-key Faena hotel, office space, and retail. Located in West Chelsea, the property has been the best-selling in New York City for units over $5 million. The development, acquired by The Witkoff Group, Access Industries, and Monroe Capital in 2021, showcases Walker & Dunlop's expertise in sourcing capital for high-value transactions.
Walker & Dunlop ha organizzato un rifinanziamento di 1,2 miliardi di dollari per One High Line, una lussuosa proprietà mista a Manhattan. Il team dei Mercati Capitali di New York, guidato da Aaron Appel, ha ottenuto finanziamenti da JP Morgan e TYKO Capital. Il rifinanziamento servirà a ripagare il debito esistente, coprire i costi rimanenti e costituire riserve.
One High Line si estende su 750.000 piedi quadrati netti tra due torri e un edificio commerciale, con 236 unità condominiali, un futuro hotel Faena con 120 chiavi, spazi per uffici e retail. Situata a West Chelsea, la proprietà è stata la più venduta a New York City per unità oltre 5 milioni di dollari. Lo sviluppo, acquisito dal gruppo Witkoff, dalle industrie Access e da Monroe Capital nel 2021, dimostra l'expertise di Walker & Dunlop nel reperire capitali per transazioni di alto valore.
Walker & Dunlop ha organizado un refinanciamiento de 1.2 mil millones de dólares para One High Line, una lujosa propiedad de uso mixto en Manhattan. El equipo de Mercados de Capital de Nueva York, liderado por Aaron Appel, obtuvo financiamiento de JP Morgan y TYKO Capital. El refinanciamiento se utilizará para saldar la deuda existente, financiar costos restantes y establecer reservas.
One High Line abarca 750,000 pies cuadrados netos en dos torres y un edificio comercial, que cuenta con 236 unidades de condominio, un futuro hotel Faena de 120 llaves, espacio de oficinas y retail. Ubicada en West Chelsea, la propiedad ha sido la más vendida en la ciudad de Nueva York para unidades de más de 5 millones de dólares. El desarrollo, adquirido por el grupo Witkoff, Access Industries y Monroe Capital en 2021, muestra la experiencia de Walker & Dunlop en conseguir capital para transacciones de alto valor.
워커 & 던롭은 맨해튼의 고급 혼합 용도 부동산인 원 하이 라인(One High Line)을 위해 12억 달러의 재융자를 주선했습니다. 아론 아펠(Aaron Appel)이 이끄는 뉴욕 자본 시장 팀은 JP 모건(JP Morgan)과 TYKO 캐피탈(TYKO Capital)로부터 자금을 확보했습니다. 이번 재융자는 기존 부채를 상환하고 잔여 비용을 지원하며 준비금을 마련하는 데 사용될 것입니다.
원 하이 라인은 두 개의 타워와 상업 건물에 걸쳐 750,000 제곱피트의 순 면적을 차지하며, 236개의 콘도미니엄 유닛, 향후 120객실 규모의 파에나 호텔(Faena hotel), 사무실 공간 및 소매점을 포함합니다. 웨스트 첼시(West Chelsea)에 위치한 이 부동산은 500만 달러 이상의 유닛에서 뉴욕시에서 가장 많이 팔린 부동산입니다. 이 개발 프로젝트는 2021년에 위트코프 그룹(Witkoff Group), 액세스 인더스트리(Access Industries) 및 몬로 캐피탈(Monroe Capital)에 의해 인수되었으며, 이는 워커 & 던롭이 고부가가치 거래를 위한 자본을 조달하는 전문성을 보여줍니다.
Walker & Dunlop a organisé un refinancement de 1,2 milliard de dollars pour One High Line, une propriété mixte de luxe à Manhattan. L'équipe des Marchés de Capitaux de New York, dirigée par Aaron Appel, a sécurisé des fonds auprès de JP Morgan et de TYKO Capital. Le refinancement servira à rembourser la dette existante, à financer les coûts restants et à établir des réserves.
One High Line s'étend sur 750 000 pieds carrés nets entre deux tours et un bâtiment commercial, offrant 236 unités de copropriété, un futur hôtel Faena de 120 chambres, des bureaux et des commerces. Située à West Chelsea, la propriété est la plus vendue à New York pour des unités de plus de 5 millions de dollars. Le développement, acquis par le groupe Witkoff, Access Industries et Monroe Capital en 2021, met en avant l'expertise de Walker & Dunlop dans le financement de transactions de grande valeur.
Walker & Dunlop hat eine Refinanzierung in Höhe von 1,2 Milliarden Dollar für One High Line arrangiert, eine luxuriöse Mischimmobilie in Manhattan. Das New Yorker Kapitalmarkt-Team unter der Leitung von Aaron Appel sicherte sich Mittel von JP Morgan und TYKO Capital. Die Refinanzierung wird zur Rückzahlung bestehender Schulden, zur Finanzierung restlicher Kosten und zur Bildung von Rücklagen verwendet.
One High Line erstreckt sich über 750.000 Quadratfuß netto über zwei Türme und ein großes Gebäude und umfasst 236 Eigentumswohnungen, ein zukünftiges 120-Zimmer-Faena-Hotel, Büroflächen und Einzelhandel. Die Immobilie befindet sich in West Chelsea und ist die bestverkaufte in New York City für Einheiten über 5 Millionen Dollar. Das Projekt, das 2021 von der Witkoff Group, Access Industries und Monroe Capital erworben wurde, zeigt das Fachwissen von Walker & Dunlop in der Beschaffung von Kapital für hochkarätige Transaktionen.
- Secured $1.2 billion refinancing for a prime Manhattan property
- Best-selling property in New York City for units over $5 million
- Diverse mixed-use development with condos, hotel, office, and retail spaces
- Prime location in sought-after West Chelsea neighborhood
- Demonstrated ability to secure competitive financing in a challenging market
- None.
Insights
The $1.2 billion refinancing of One High Line is a significant transaction in the luxury real estate market. This deal demonstrates strong investor confidence in high-end New York City properties, despite recent market challenges. The involvement of major players like JP Morgan and TYKO Capital (backed by Elliott Investment Management) underscores the project's perceived value and potential.
The refinancing will not only repay existing debt but also fund remaining costs and establish reserves, indicating a strategic approach to the property's financial management. With 236 condominium units and a planned 120-key Faena branded hotel, the mixed-use nature of the development diversifies its revenue streams, potentially reducing risk for investors. The property's status as the best-selling in New York City for units over $5 million further validates its market position and appeal to wealthy buyers.
One High Line's location in West Chelsea, spanning an entire city block above the High Line, is a prime factor in its attractiveness. The neighborhood's transformation into a cultural and creative hub, with proximity to prestigious institutions like the Whitney Museum, enhances the property's long-term value proposition. The inclusion of 45,000 sq ft of boutique office space and 13,000 sq ft of retail aligns with the area's evolving character and could provide stable income streams.
The successful refinancing amidst a challenging market for luxury properties suggests that well-located, mixed-use developments in New York City still command strong lender interest. This transaction could potentially set a benchmark for similar high-end projects in the city, influencing valuations and financing terms for comparable developments in the luxury segment.
The refinancing of One High Line reflects a broader trend of investors seeking quality assets in prime locations, even in a complex economic environment. The property's 750,000 net square feet of mixed-use space positions it well to capitalize on multiple market segments. The inclusion of a Faena branded hotel, set to open in 2025, adds a unique hospitality component that could drive additional value and attract international interest.
For investors, this deal highlights the importance of location, brand partnerships and diverse use cases in real estate investments. The ability to secure competitive financing in the current market suggests strong fundamentals and potential for long-term appreciation. However, investors should monitor the luxury real estate market closely, as high-end properties can be more susceptible to economic fluctuations and changes in international buyer sentiment.
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, acted as exclusive advisors to The Witkoff Group, Access Industries and Monroe Capital, and identified JP Morgan to provide the senior loan, and TYKO Capital, which is backed by Elliott Investment Management, to provide the 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 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
One High Line spans 750,000 net square feet, set across two towers and a five-story commercial building. It houses 236 substantially completed condominium units and over 18,000 square feet of residential amenities. A prestigious 120-key Faena branded hotel is anticipated to open in 2025, featuring a 17,000 square foot spa. In addition, the property offers 45,000 net square feet of boutique office and approximately 13,000 net square feet of prime retail. The development spans an entire city block in one of New York City’s most sought-after neighborhoods of
One High Line is located above
The Witkoff Group, Access Industries, and Monroe Capital LLC together acquired the partially completed project in December 2021. One High Line stands as the best-selling property in
In 2023, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in
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Source: Walker & Dunlop, Inc.
FAQ
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