CIM Group Provides $132.5M Loan To Pacific Elm Properties For Santander Tower Conversion In Dallas

The asset involved in this transaction is a mixed-use property located at 1601 Elm Street in Dallas, with a total square footage of 858,737. The property is part of the catalytic mixed-use conversion of Santander Tower and received a loan amount of $132,500,000 to support its further development.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $132,500,000
• Market: Dallas
• Asset Address: 1601 Elm Street
• Lender: Richard Ressler - CIM Group
• Landlord: Jonas Woods - Pacific Elms Properties
• Financing Note: Supports Phase 2 of the Peridot residential project, adding 105 units to the 291 delivered in 2023, alongside 350K SF of office leases signed since the repositioning.

The deal involved key representatives including Richard Ressler of CIM Group, who provided the loan for the project, and Jonas Woods of Pacific Elms Properties, the landlord managing the asset. Their roles were pivotal in advancing the mixed-use conversion and enhancing the property’s appeal through various lease agreements and additional residential units.