CIM Group Invests In Santander Tower Conversion Project: The DFW Deal Sheet
A landmark Downtown Dallas high-rise will get a cash injection after being repositioned from a traditional office building into a vertically stacked mixed-use development.
Pacific Elm Properties secured a $132.5M loan from CIM Group to recapitalize Santander Tower at 1601 Elm St. The financing from CIM Real Estate Debt Solutions on behalf of a CIM-managed fund follows the completion and stabilization of the project’s first phase of Peridot, the luxury residential conversion that delivered 291 units.
The new loan will support construction of the project’s second phase, which will add 105 apartments and bring Peridot’s total to 396 residences.
The transaction signifies CIM Group’s support of repositioning office properties to better serve communities as they adapt to changing demand, company officials said in a press release.
Around 350K SF of office leases have been signed at Santander Tower since the launch of the Peridot conversion.
The building also 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.
SALES
Endeavor Real Estate Group purchased the Preston Sherry Plaza mixed-use development in Dallas in an off-market transaction. Preston Sherry Plaza at 8201 Preston Road was renovated in 2024 and offers a mix of Class-A office and retail spaces that face Preston Road. Endeavor plans to make upgrades to the seven-story property that will be geared toward maximizing the tenant experience at the building.
JLL Capital Markets represented Endeavor in securing financing for the acquisition, which was provided by a national life insurance company. Dallas-based Four Rivers Capital was brought in as a partner in the investment.
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Bridge Tower Partners sold a 375-home single-family rental portfolio across Dallas, Fort Worth and additional markets in Texas, Georgia and North Carolina. The portfolio had an average vintage of 2018 and was operating at nearly 94% occupancy at the time of the deal.
In addition to the Metroplex sites, the portfolio consisted of homes in Houston, San Antonio, Charlotte and Atlanta. JLL Capital Markets’ Matthew Putterman, Jim Humphries, Daniele Colbertaldo, Casey Sherman and Rhett Robins represented Bridge Tower Partners in the deal.
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Westwood Financial acquired the 80K SF Shops at Stone Creek shopping center in Rockwall. The property is 100% leased and anchored by Tom Thumb.
LEASES
Scotiabank leased 133K SF across four floors of Victory Commons One in the Victory Park area of Dallas. The lease comes after Dallas officials offered Scotiabank more than $2.7M in economic incentives to put an office in the city.
Victory Commons One was completed in 2022 by Hillwood Urban in partnership with Affinius Capital. CBRE’s Michael Geoghegan, Ramneek Rikhy, Eric Thomas, Phil Puckett and Harlan Davis represented Scotiabank. Hillwood Urban’s Bill Brokaw and Karch Schreiner represented the property owner.
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ML Realty Partners re-signed a pair of tenants at industrial spaces in Dallas-Fort Worth. David Sutherland Inc. renewed its lease for 187K SF at 140 Regal Row in Dallas. Chase Miller of NAI Robert Lynn represented the tenant. Toyota Motor Sales U.S.A. Inc. also renewed its lease for 121K SF at 1825 Midway Road in Lewisville. JLL’s Melissa Holland represented Toyota.
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Binary Container Logistics will expand its operations with a newly signed 296K SF lease at Sunridge Industrial Park in Wilmer. KBC Advisors’ Nathan Lawrence, Krista Raymond and Will Carney represented the landlord, Stonemont Financial Group.
CONSTRUCTION AND DEVELOPMENT
Midlothian officials will open the city’s new Public Safety and Municipal Court Facility at 1111 George W. Raffield Jr. Way on Sept. 13. The 77K SF facility was designed by Hoefer Welker and constructed by Steele & Freeman Inc.
FINANCING
Greystone provided a $19.7M Fannie Mae DUS loan to refinance the 128-unit Legacy on Rockhill build-to-rent community in McKinney. The 13-acre Legacy on Rockhill was built in 2023 and was nearly 94% leased in July. The transaction was originated by Greystone’s John Sloot.
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BWE secured $36M to refinance the nearly 261K SF Crossroads at Terrell shopping center. Completed between 2022 and 2024, the property is part of an ongoing mixed-use development that will feature thousands of housing units and a conference center. BWE’s Matt Good originated the loan on behalf of the borrower, a national retail developer, from a life insurance company lender.
PEOPLE
Cushman & Wakefield added Christopher Lang as senior director in the firm’s Project & Development Services line. Lang will lead industrial project delivery across Texas, expanding the industrial construction and development platform across the region. Lang was previously with Ryan Cos.
THIS AND THAT
A joint venture between Cortland and Declaration Partners Real Estate announced the recapitalization of Vero Capital’s 381-unit 3700 McKinney Ave. multifamily high-rise in Uptown Dallas. The partnership aims to solidify the 21-story tower’s status as a trophy asset in Uptown by upgrading amenities and renovating units. Oxford Properties provided senior financing for the transaction.
