**Pacific Elm Secures $132.5M Loan for Newly Transformed Santander Tower in Downtown Dallas**
A fund managed by CIM Group has closed a $132.5 million loan with Pacific Elm Properties to recapitalize the recently transformed Santander Tower in downtown Dallas. The iconic high-rise, formerly dedicated exclusively to office space, is now a vibrant mixed-use development.
The financing follows the successful completion and stabilization of the project’s first residential phase, branded as Peridot. Delivered in 2023, Phase I introduced approximately 291 apartment units. The new capital will fund the second phase of Peridot’s development, which is set to add an additional 105 residences, bringing the total number of apartment units in the building to 396.
Santander Tower, located at 1601 Elm Street in the heart of Dallas, also includes approximately 858,737 square feet of Class A office space and ground-floor retail, enhancing its appeal as a true live-work-play destination.
Adding to the building’s versatility is the Mint House luxury hotel, occupying the 49th and 50th floors. In 2020, Pacific Elm Properties converted former office space into 60 extended-stay hotel units, offering an upscale lodging option within the tower.
The recapitalization marks another milestone in the ongoing revitalization of Downtown Dallas, reflecting a broader trend of adaptive reuse and urban renewal.
