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.
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. The refinancing also permits the joint venture to capitalize on the vibrant sales that have taken place at One High Line since closings began about a year ago.
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. The development covers an entire city block in one of New York City’s most sought-after neighborhoods.
“This 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,” said Milbank’s Real Estate partner Kevin O’Shea. “We are delighted to continue to advise the sponsors on One High Line, beginning in 2021 with the acquisition of the defaulted debt, the completion of a public UCC foreclosure, the initial senior and mezzanine construction financing, and now this refinancing."
The Milbank deal team was led by Real Estate partner Kevin O’Shea, along with associates Matthew Freifeld, Shannon Mis-Marzano, and Joe Powers.
