An investment fund managed by Urdang, the real estate investment specialist of BNY Mellon Asset Management, and Burlington-based Griffin Partners have refinanced an $80.8 million securitized loan for a Texas office building.

The seven-year, fixed-rate term $81 million loan from MassMutual Financial Group is for an 800,000-square-foot office building that includes a data center in Houston, according to a statement.

"The refinancing of the Houston building at 1301 Fannin St. was particularly significant for our Urdang Value Added Fund II L.P., in that this is one of the larger refinancings that have been completed in the current business climate, where lenders have been highly selective." said David Spoont, senior vice president of finance and dispositions for Urdang Capital Management, which manages the private real estate fund. "The building has a diverse roster of strong credit tenants, including leading global energy, banking, financial services, consulting and technology firms."

"We have upgraded this building to Class A status with a multi-million dollar lobby renovation, a new dining operator and enhanced back-up power sources for our data center tenants," said Edward Griffin, president of Griffin Partners. "The refinancing was particularly notable because buildings with data centers typically are more challenging due to the complexity of their operations."

The Urdang Value Added Fund II, managed by Urdang Capital Management, and Griffin Partners acquired the property in March 2007.