A CIM Group-managed fund has closed a $132.5 million loan to Pacific Elm Properties to recapitalize Santander Tower, a downtown Dallas high-rise that has been converted from strictly office space into a mixed-use development.

This financing follows the completion and stabilization of the project’s first phase of Peridot, a residential conversion that delivered approximately 291 apartment units in 2023. The new loan will support construction of the project’s second phase, which will add 105 additional apartments and bring the total Peridot offering to 396 residences upon completion, since the launch of the Peridot conversion. Located at 1601 Elm St. in Downtown Dallas, Santander Tower will also have approximately 858,737 square feet of Class A office space and ground-floor retail.

The Santander Tower also offers the Mint House luxury hotel on floors 49 and 50. In 2020, Pacific Elm Properties successfully converted the office space to 60 extended-stay units.