Loan specifics aren't being disclosed at the behest of borrowerMelrose Hotel Association LP, Steve Doherty, vice president ofGMAC's Philadelphia retail division, tells GlobeSt.com. In 1999,the hotel underwent a multi-million-dollar renovation to theMelrose's lobby, 184 guest rooms and popular Library Bar.

Dallas Central Appraisal District pegs the historic property'smarket value at $24.2 million, but Doherty says the financing teamput it somewhat higher. Delaware Lincoln Investment Advisersprovided the financing.

The eight-story hotel, built in 1923, was put on the DallasHistoric Landmark registry in 1983. The holding is positioned inthe Turtle Creek-Oak Lawn section of Dallas, just north of theCBD.

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