This paper describes a method to perform analysis and resynthesis of non-harmonic and possibly simple polyphonic musical signals. Sinusoidal parameter extraction is performed using the highresolution matrix-pencil method. Instead of operating on the complete signal all at once, a short-time approach has been developed both to reduce the computational complexity and for the resynthesis to be capable of reproducing gradual frequency variations of partials. Partial tracking that utilizes a birth-death strategy is performed using the extracted frame based parameters. Resynthesis of signals with closely spaced beating partials are demonstrated.