X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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 GlobeSt.com. 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.