I performed a cash out refinance on a rental property. Can I depreciate the added value to the property as an asset (less the closing costs and the cash out amount)?

The original purchase price was $180k. I refinanced a year later at $240k, pulling out $20k cash. The closing costs/fees were $3k. Can I depreciate the added value/cost of the property as an additional asset ($37k, which is $240k-180k-20k-3k)?