Manhattan Condo Project Lands $1.2B Refi

A joint venture between The Witkoff Group, Access Industries and Monroe Capital has received a refinancing package totaling $1.2 billion for One High Line, a three-building luxury condominium and commercial asset in Manhattan. Walker & Dunlop negotiated on behalf of the ownership and secured the lender.

The refinancing package consists of a $793 million senior loan provided by JP Morgan and a $360 million mezzanine loan from TYKO Capital. The money will go toward repaying the existing debt, with remaining funds used for other hard and soft expenses, closing costs and others.

The project team also includes Bjarke Ingels Group as architect of record and Enzo Enea as landscape architect. The East Tower’s interiors are designed by Gilles & Boissier, while Gabellini Sheppard worked on the West Tower.

One High Line totals 750,000 square feet and includes two towers and a five-story building at 500 W. 18th St. The project’s East and West Towers feature 236 condominium units and more than 18,000 square feet of common-area amenities.

Manhattan’s best-selling development

The joint venture purchased One High Line in 2021, when it was partially completed. It was the top new development in downtown Manhattan by sales volume in the first half of the year, with more than $800 million in sales, as well as the leader for deals closed at more than $5 million in the borough, according to Walker & Dunlop. The project signed multiple penthouse units, including one for $52 million last year.

The amenity package includes a 75-foot swimming pool, a fitness center with private training rooms, a steam room, saunas, a golf simulator, a virtual gaming studio, private lounges, a billiard room and a playroom for children. Other services at One High Line include in-residence catering and housekeeping services.

One High Line will also include a 120-key Faena hotel, scheduled to open in 2025, that will include a 17,000-square-foot spa center, while the development is designed to feature 45,000 square feet of office and approximately 13,000 square feet of retail space.

The project spans an entire city block in West Chelsea, along the Hudson River Park waterfront. It’s also 2 miles from Lower Manhattan and 4 miles from the Financial Distric.

The Walker & Dunlop New York Capital Markets team that negotiated on behalf of the ownership included Senior Managing Directors Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz, Managing Directors Jordan Casella and Michael Diaz, Associated Director Jackson Irwin and Broker William Herring.

Upcoming and completed condo projects in Manhattan

There are multiple notable condo developments in Manhattan, currently underway or recently completed. Last month, a 165-unit luxury tower officially wrapped up: Claremont Hall, backed by a $250 million construction loan, came online. The 41-story tower spans roughly 340,000 square feet and was developed by Lendlease, L+M Development Partners’ LMXD and Daiwa House Texas.

In April, Rabina launched residential sales at 520 Fifth Ave., a 100-unit condo tower rising 76 stories. The project is scheduled to come online next year and is designed to rise 1,000 feet, expected to become the tallest residential building on Fifth Avenue.