A downtown Dallas skyscraper has gotten $118 million in new financing.

The 56-story Renaissance Tower is one of Dallas' tallest and largest skyscrapers. Built in 1974, the 1.7-million-square-foot office building on Elm Street is best known for its double X lighting and decorative towers on top.

It's owned by a partnership headed by New York-based Moinian Group and SMA Equities, which acquired the high-rise in 2006. After marketing the building for sale earlier this year, the owners have now obtained a new mortgage.

Square Mile Capital Management said it arranged the loan with Bank of the Ozarks to pay off the existing commercial mortgage backed securities debt on the tower.

Whitaker Johnson and Steve Heldenfels from Holliday Fenoglio Fowler negotiated the new financing.

The current owners paid about $150 million when they bought Renaissance Tower over a decade ago.

Major tenants include Hilltop Securities, The Neiman Marcus Group, Dallas County and Ernst & Young. The Environmental Protection Agency will move its regional office into 229,000 square feet in the building in December 2018.

"As downtown Dallas continues to benefit from additional redevelopment and as evidenced by the recent signing of the EPA lease, Renaissance Tower is well-positioned as a cost-effective alternative to other high-quality office buildings located in submarkets such as Uptown and Plano," Square Mile Principal Matthew Drummond said in a statement.

Square Mile Capital is a New York-based real estate investment and finance firm that's been in business since 2006.

Renaissance Tower is in an area of downtown that's seen a revival. The former First National Bank tower next door is being coverted into a hotel, apartment and retail project.