$525M Loan Secured for One High Line Luxury Condos in Manhattan's West Chelsea

Walker & Dunlop has arranged a $525 million refinancing loan for One High Line, a luxury condominium project in Manhattan's West Chelsea neighborhood, according to an announcement from the firm. Ares Management and JPMorgan led the financing package.

The refinancing supports the 236-residence development located on Eleventh Avenue adjacent to High Line Park. The project has generated more than $1.1 billion in closed condominium sales since its 2022 relaunch, with 54 units remaining available starting at $2.8 million.

Multifamily Real Estate Project Details

One High Line consists of two towers designed by Bjarke Ingels Group, with interiors by Gabellini Sheppard and Gilles & Boissier. The multifamily real estate development includes 18,000 square feet of private amenities, featuring a lap pool, spa, fitness center, golf simulator, gaming studio, private dining facilities, and a glass-enclosed bridge lounge connecting the towers.

The property also includes commercial components, notably the Faena New York hotel, which marks the luxury brand's first New York City location.

Witkoff and Access Industries acquired the project for $900 million in 2021 from foreclosed HFZ Capital Group, when construction was approximately two-thirds complete. The developers rebranded the property from The XI, redesigned units and amenities, and relaunched sales in 2022 with Corcoran Sunshine. The project became the top-selling new development in New York City in 2023 and 2024.

Financing Structure and Capital Markets Activity

Walker & Dunlop's Capital Markets Institutional Advisory team arranged the $525 million refinancing. The team included Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, and Sean Reimer. The financing follows a prior refinancing package arranged in August 2024 by JPMorgan and Tyko Capital, after the developers crossed the $1 billion sales threshold.

Market Context for Luxury Multifamily Real Estate

The financing occurs as One High Line nears completion following its rescue from the HFZ Capital Group distress situation. The West Chelsea submarket along the High Line has demonstrated resilience in the luxury residential segment.

Walker & Dunlop has maintained active involvement in New York City multifamily real estate financing. The firm ranked as the second-largest HUD lender overall in fiscal year 2024.

The remaining 54 units at One High Line are being marketed, with pricing starting at $2.8 million. The integration of the Faena Hotel and extensive private amenities positions the project in the high-end residential market.