Milbank LLP represented a joint venture among The Witkoff Group, Monroe Capital and Access Industries in connection with two separate loans to refinance existing construction financing on One High Line, the venture’s luxury residential condominium development located along the High Line in Chelsea. The first loan, which consists of both mortgage and mezzanine financing, was made by Ares Management and JPMorgan and is secured by the remaining inventory of unsold residential condominium units and commercial office and retail space at the project. The second loan, which also consists of mortgage and mezzanine financing, was made solely by Ares Management and is secured by the ultra-luxury Faena Hotel located in the East tower of the Bjork Engels-designed dual twisted towers. Milbank previously advised the venture on: its 2019 acquisition of the defaulted mortgage and mezzanine construction loans for this project from London-based hedge fund TCI, the acquisition financing from JPMorgan to buy those loans, which financing then converted into new mortgage and mezzanine financing to finance the venture’s completion of the project once they became the successful bidder at the UCC foreclosure of that defaulted mezzanine debt, and the $1.2 billion mortgage and mezzanine refinancing provided by JPMorgan and Tyko Capital in 2024. The two loans refinance the existing debt on the project and allow for the completion of remaining work and the separate financing of the successful residential and hotel components comprising the project. The Milbank deal team was led by Real Estate consulting partner Kevin O’Shea, along with associates Matthew Freifeld, Sylvia Rosner and Daniel Acosta.