$1.2 Billion Refinancing Deal Closes for One High Line in New York City

Strategic Insights -

In a landmark deal, Milbank LLP has represented a joint venture between the Witkoff Group, Monroe Capital, and Access Industries in securing a $1.2 billion refinancing for their luxury residential condominium and Faena hotel project, One High Line, in West Chelsea, New York City. The refinancing, which was one of the largest in the 2024 market, provides funding for the completion of the 120-key ultra-luxury Faena hotel, scheduled to open in 2025, as well as the final stages of the luxury residential condominium. One High Line, spanning 750,000 net square feet across two towers and a five-story commercial building, has become the best-selling property in New York City by total value, with closings taking place over the past year.

Key Takeaways:

  • Milbank LLP represented a joint venture involving the Witkoff Group, Monroe Capital, and Access Industries in a $1.2 billion refinancing deal for One High Line.
  • The refinancing will support the completion of the luxury residential condominium and the 120-key ultra-luxury Faena hotel within the project, set to open in 2025.
  • One High Line is the best-selling property in New York City by total value, with sales taking place over the past year, spanning 750,000 net square feet across two towers and a five-story commercial building.
  • The development covers an entire city block in one of New York City's most sought-after neighborhoods.
  • Milbank's deal team was led by Real Estate partner Kevin O'Shea, along with associates Matthew Freifeld, Shannon Mis-Marzano, and Joe Powers.
  • The refinancing was one of the largest in the 2024 market and reflects the value of strong sponsorship, a well-positioned asset, a best-in-class developer, and creative financing partners.

Statistics:

  • $1.2 billion: The refinancing deal secured by Milbank LLP for the joint venture.
  • 750,000 net square feet: The total area of One High Line, spanning across two towers and a five-story commercial building.
  • 120 key: The number of rooms in the ultra-luxury Faena hotel, set to open in 2025.
  • 2025: The projected opening date for the Faena hotel.
  • $1.2 billion: The ranking in the 2024 market for the largest refinancing deal.

Sources:

  • "Milbank LLP represented a joint venture among the Witkoff Group, Monroe Capital and Access Industries in connection with the $1.2 billion refinancing of the joint venture's construction loan from JPMorgan with new mortgage financing from JPMorgan and new mezzanine financing from TYKO Capital, an affiliate of Elliott Management." - Milbank
  • "The refinancing will provide funding for the final completion of the luxury residential condominium located in the New York City neighborhood of West Chelsea known as "One High Line," as well as for the completion of the 120-key ultra-luxury Faena hotel located within the project and scheduled to open in 2025." - Milbank
  • "One High Line stands as the best-selling property in New York City by total value and spans 750,000 net square feet, set across two towers and a five-story commercial building." - Milbank