The refinance will put $1.4 million at RM Crowe's disposal forthe upcoming work on the 95%-leased, class B-plus building at 8235Douglas Ave. according to Lance Wright, regional director in Dallasfor the Norwalk, CT-based lender. He tells GlobeSt.com that $23.9million was turned over in the initial funding, with the balance tobe doled out at Libor-based interest rates in $500,000 incrementaldraw-downs. The result will be a blended interest rate on athree-year loan, with the lion's share fixed at about 6%, heexplains. The interest-only financing represents 80% loan tovalue.

The 13-story office tower and seven-story, 460-space parkinggarage abuts RM Crowe's Fidelity Bank Building and is across thestreet from its Park Cities Hilton, a stronghold in one of thecity's tightest office submarkets. Wright says GE provided anon-book loan, a decision mortared by the location, asset qualityand longstanding relationship between borrower and lender.

"We're a little more particular as far as the assets we investin and the markets. It's a class B plus because of its age, butit's a class A location," Wright stresses. He cited the"irreplaceable location" and "quality of the real estate" as thedealmakers. The building was developed in 1979 on a 1.75-acretract.