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Calculating capital gain on property on refinanced price.

If I refinanced my rental property 2 years ago and the proceeds were not used against improving it. When calculating the Capital gain can I consider the refinanced price as cost of property?

e.g. The original price of the property was 320k and refinanced it after 15 years of owning it to 600k and sold it for 900k, can I use 600k as my cost and pay Capital gain on 300k?