**Pacific Elm Secures $132.5M Loan to Advance Mixed-Use Redevelopment of Santander Tower in Dallas**
A fund managed by CIM Group has closed a $132.5 million loan with Pacific Elm Properties to recapitalize Santander Tower, a prominent high-rise in downtown Dallas that has been transformed from solely office space into a vibrant mixed-use development.
The financing comes on the heels of the successful completion and stabilization of the project’s first phase—known as Peridot—which delivered approximately 291 residential units in 2023. This new loan will fund the second phase of the Peridot residential conversion, which will add 105 additional apartments, bringing the total number of residential units in the development to 396.
Located at 1601 Elm Street, Santander Tower is a major component of the revitalization of downtown Dallas. In addition to the Peridot apartments, the tower includes approximately 858,737 square feet of Class A office space and ground-level retail offerings.
Enhancing its mixed-use appeal, Santander Tower is also home to the Mint House, a luxury extended-stay hotel featuring 60 units across the 49th and 50th floors. This hospitality component was added in 2020, when Pacific Elm successfully converted a portion of the tower’s office floors into upscale lodging.
The recapitalization and expansion of Santander Tower highlights Pacific Elm’s continued investment in downtown Dallas and its commitment to adaptive reuse and urban revitalization.
