DALLAS — Pacific Elm Properties has secured a $132 million loan to refinance Santander Tower, a Dallas high-rise that has been converted from an office building to a mixed-use community. A portion of the tower, known as Peridot, was converted to 291 units of multifamily 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.
In addition to the Peridot apartments, the mixed-use Santander Tower offers the Mint House luxury hotel on floors 49 and 50, which was converted from office space to 60 extended-stay units by Pacific Elm Properties in 2020. Santander Tower will also have approximately 858,737 square feet of Class A office space remaining at the property upon completion of the new apartments. Santander also is home to a private dining, lounge and event space called Tower Club on the 48th floor, ground-floor retail and parking stalls for office tenants and Peridot residents. The loan was provided by CIM Real Estate Debt Solutions, a subsidiary of CIM Group. A completion date was not disclosed.