Is it possible to get heloc and refinance the same apartment

[Jay Lo]

I own a 8 units apartment building free and clear in Ohio. Its worth 250k. I need cash to buy more so I was wondering if I could pull out an heloc and refinance it at the same time. 

So, my idea is the heloc is just an open line of credit so I dont think that would prevent me from refinancing it. Would that be a red flag for a bank to see a open line of credit for 200k when refinancing it?

Heloc for 200k and cash out refinance another 200k. That would get me 400k total to invest.