CIM Group, through its CIM Real Estate Debt Solutions business and on behalf of a CIM-managed fund, has closed a $132.5 million whole loan to Pacific Elm Properties to recapitalize Santander Tower, a landmark high-rise in Downtown Dallas.
The financing supports the continued transformation of the property from a traditional office building into a vertically-integrated mixed-use development.
The loan follows the successful completion and stabilization of the project’s first phase—Peridot, a luxury residential conversion that delivered 291 apartment units in 2023.
The new capital will fund construction of the second phase, adding 105 more residences and bringing the total Peridot offering to 396 units. Since the launch of the residential conversion, Santander Tower has signed approximately 350,000 square feet of new office leases, underscoring the success of its repositioning strategy.
CIM Group leveraged its experience as an owner, operator, and developer of high-quality commercial real estate to structure a tailored financial solution for this complex office-to-residential conversion. The project maintains Class A office space while integrating luxury residences across non-contiguous floors and adding premium amenities. This transaction reflects CIM’s broader commitment to supporting adaptive reuse projects that respond to evolving urban demand.
Located at 1601 Elm Street, Santander Tower now features one- and two-bedroom Peridot apartments with high ceilings, expansive windows, and designer finishes. Residents enjoy access to upscale amenities, including a resort-style pool deck, outdoor grills, fire pits, a resident lounge, a pickleball court, a sauna, and membership to the private Tower Club with in-home dining services.
Beyond residential offerings, the tower includes the Mint House luxury hotel on floors 49 and 50—converted from office space into 60 extended-stay units in 2020—as well as 858,737 square feet of Class A office space, ground-floor retail, and dedicated parking for tenants and residents.
CIM Group continues to provide bridge and construction financing through its affiliates and managed funds, offering flexible lending solutions to commercial real estate owners and developers across major U.S. markets. This latest transaction highlights CIM’s strategic role in enabling urban redevelopment and mixed-use innovation.
