Walker & Dunlop Arranges $1.2 Billion Refinancing for One High Line in Manhattan

BETHESDA, Md. — Walker & Dunlop, Inc. announced on August 16, 2024, that it has successfully arranged a $1.2 billion refinancing deal for One High Line, a luxury mixed-use property situated along Manhattan’s renowned High Line and near the bustling Meatpacking District. The financing will be allocated to repay existing debts, cover remaining project costs, and establish reserves for interest and carry, as well as financing and closing expenses. Aaron Appel, managing director and co-head of New York Capital Markets at Walker & Dunlop, highlighted the competitive nature of the financing process, noting that the property’s appeal and potential attracted multiple bids from lenders. One High Line encompasses 750,000 net square feet across two towers and a five-story commercial building, making it a significant addition to the West Chelsea area, which is known for its cultural institutions, art galleries, and vibrant dining scene. The neighborhood surrounding One High Line features extensive parklands, scenic running paths, and picturesque piers along the Hudson River Park waterfront, enhancing its desirability. Notably, One High Line has achieved the status of the best-selling property in New York City, with total sales exceeding $5 million per unit. In 2023, Walker & Dunlop’s Capital Markets group facilitated nearly $12 billion in transactions, showcasing the firm’s strong position in the commercial real estate sector, bolstered by its diverse team and technological capabilities.