**Pacific Elm Secures $132.5M Recapitalization Loan for Santander Tower in Downtown Dallas**
Pacific Elm Properties has secured a $132.5 million recapitalization loan from a fund managed by CIM Group to support continued redevelopment of Santander Tower, a prominent high-rise in Downtown Dallas. Originally designed as office space, the tower is undergoing a comprehensive transformation into a mixed-use development.
The loan follows the successful completion and stabilization of the project’s first residential phase, known as Peridot, which introduced approximately 291 apartment units in 2023. The new financing will fund the second phase of Peridot, which aims to deliver an additional 105 apartments. Upon completion, the full Peridot conversion will offer a total of 396 residences.
Located at 1601 Elm Street, the redeveloped Santander Tower comprises approximately 858,737 square feet of Class A office space, in addition to ground-floor retail and hospitality components. Among its standout features is Mint House, a luxury extended-stay hotel located on the building’s 49th and 50th floors. Pacific Elm Properties successfully introduced 60 extended-stay units as part of the hotel concept in 2020.
The recapitalization marks another milestone in the ongoing revitalization of Downtown Dallas, highlighting a growing trend of repositioning office buildings to complement shifting urban living preferences.
