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DALLAS-Owners of the historic Melrose Hotel in Dallas have closed a $24-million refinancing in a move to slash debt, says Horsham, PA-based GMAC Commercial Mortgage Corp., which structured the package.

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

Dallas Central Appraisal District pegs the historic property’s market value at $24.2 million, but Doherty says the financing team put it somewhat higher. Delaware Lincoln Investment Advisers provided the financing.

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

Through the years, its guest roster says more about the facility than anything else. It’s been a home-away-from-home favorite of personalities such as Zsa Zsa Gabor, Martin Sheen, Elizabeth Taylor, Arthur Miller, Pearl Bailey and Luciano Pavarotti.

The five-star rated Melrose, located at 3015 Oak Lawn Ave., has been recognized by Business Traveler Magazine as the “best small hotel in Dallas.” The structure is positioned on nearly three acres in the eclectic Turtle Creek-Oak Lawn neighborhoods.

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