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

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

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