CIM Group provides $132.5 million loan for Santander Tower conversion. Pacific Elm Properties is creating 396 apartments, converting away from office space.
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A landmark tower in downtown Dallas has nabbed a nine-figure recapitalization loan to fund the completion of its conversion from office space to mixed-use.
CIM Group LLC announced Sept. 8 that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $132.5 million loan for Dallas-based Pacific Elm Properties LLC to recapitalize Santander Tower, the high-profile 50-floor high-rise it owns at 1601 Elm St.
Pacific Elm is in the process of repositioning the tower from a traditional office building into a mixed-use development with a partial conversion to multifamily.
Pacific Elm is creating 396 apartments, called the Peridot Residences, on non-contiguous floors, leaving 858,737 square feet of class A office space remaining in addition to the two-floor Mint House luxury hotel, the private Tower Club on the 48th floor and ground-floor retail space.
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