After crossing the $1 billion threshold final 12 months, Entry Industries and the Witkoff Group refinanced the One High Line luxurious apartment improvement.
Ares Administration and JPMorgan Chase supplied $525 million to the builders behind the 236-unit undertaking, which additionally counts Monroe Capital as a part of the event staff, Bloomberg reported. The refinancing will assist with carrying prices for the unsold items on the West Chelsea website.
Walker & Dunlop Capital Markets Institutional Advisory organized the financing.
The debt is the most recent signal of how far the event has come within the years since Entry and Witkoff took the reins from the now-defunct HFZ Capital Group.
Witkoff and Entry took over the Eleventh Avenue website in 2021 after the undertaking’s major lender foreclosed on HFZ’s stake. Below HFZ, the event was tormented by conflicts with contractors, sluggish gross sales and concern over the corporate’s monetary standing.
Entry and Witkoff paid $900 million for the property, roughly the identical quantity HFZ paid for it in 2015. However it was already almost two-thirds full when it was bought by HFZ.
When the builders resumed work, they put their very own stamp on the property, updating unit designs in order that no two in both of the twisting towers have been similar. Additionally they modified the amenity bundle and the finishes and swapped out a deliberate Six Senses Resorts Resorts Spas for a five-star Faena Resort.
In the summertime of 2022, sales re-launched on the undertaking rebranded as One Excessive Line from The XI. They tapped a staff from Corcoran Sunshine, led by Deborah Kern and Steve Gold, to steer gross sales and advertising. A few 12 months later, the event scored its first closing and consumers started transferring in.
One Excessive Line was among the many top-selling new developments in New York Metropolis in 2023 and 2024. In August 2024, the builders scored one of many largest single-asset loans of the 12 months when JPMorgan and Tyko Capital agreed to a $1 billion refinancing package.
There are nonetheless 54 items obtainable on the constructing, beginning at $2.8 million.
Learn extra
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Witkoff, Blavatnik land $1B High Line refi
Witkoff and Access Industries buy HFZ’s languishing XI condo project
