One High Line Developers Land $525M Loan

After crossing the $1 billion threshold last year, Access Industries and the Witkoff Group refinanced the One High Line luxury condo development.

Ares Management and JPMorgan Chase provided $525 million to the developers behind the 236-unit project, which also counts Monroe Capital as part of the development team, Bloomberg reported. The refinancing will help with carrying costs for the unsold units at the West Chelsea site.

Walker & Dunlop Capital Markets Institutional Advisory arranged the financing.

The debt is the latest sign of how far the development has come in the years since Access and Witkoff took the reins from the now-defunct HFZ Capital Group.

Witkoff and Access took over the Eleventh Avenue site in 2021 after the project’s primary lender foreclosed on HFZ’s stake. Under HFZ, the development was plagued by conflicts with contractors, sluggish sales and concern over the company’s financial standing.

Access and Witkoff paid $900 million for the property, roughly the same amount HFZ paid for it in 2015. But it was already nearly two-thirds complete when it was sold by HFZ.

When the developers resumed work, they put their own stamp on the property, updating unit designs so that no two in either of the twisting towers were identical. They also changed the amenity package and the finishes and swapped out a planned Six Senses Hotels Resorts Spas for a five-star Faena Hotel.

In the summer of 2022, sales re-launched at the project rebranded as One High Line from The XI. They tapped a team from Corcoran Sunshine, led by Deborah Kern and Steve Gold, to lead sales and marketing. About a year later, the development scored its first closing and buyers began moving in.

One High Line was among the top-selling new developments in New York City in 2023 and 2024. In August 2024, the developers scored one of the largest single-asset loans of the year when JPMorgan and Tyko Capital agreed to a $1 billion refinancing package.

There are still 54 units available at the building, starting at $2.8 million.

— Holden Walter-Warner