DALLAS — This story was originally published by our content partners at the Dallas Business Journal.

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

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