Treasury par yields, Oct. 9 close (U.S. Treasury). SOFR, Oct. 9 (New York Fed).
This week: Pembroke Lakes Mall's $260M loan now runs about 233% of KBRA's collateral value, and the trustee has gone to court to foreclose. A Kansas judge entered a judgment of more than $46M on the stalled Mission Gateway site. A Denver dispensary building faces an Oct. 22 trustee sale amid a dispute over a $2,100 late fee.
Pembroke Lakes Mall: $260M loan on $111.8M of collateral
Pembroke Lakes Mall's $260M loan goes to foreclosure court. KBRA values the collateral at $111.8M.
Pembroke Pines, FL (Broward County) · Regional mall
- Owner
- BGRE (formerly Brookfield Properties)
- Loan
- $260M (2013) · ~3.6% · interest-only
- Trust
- GSMS 2013-PEMB
- Special servicer
- KeyCorp Real Estate Capital Markets
- Size
- 535,446 sf collateral · opened 1992
What happened. Deutsche Bank National Trust Co., as trustee for GSMS 2013-PEMB, has sued in Broward County Circuit Court to foreclose on the mall and asked the court to appoint a receiver. The $260M loan matured March 1, 2025 without being repaid and went to special servicer KeyCorp Real Estate Capital Markets. On Sept. 30, KBRA said receivership "has been initiated while other resolution options are considered."
The rest of the Oct. 13 issue opens Dec. 12, 2026.
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Eight situations to track
- Foreclosure judgmentMission GatewayMission, KS · Stalled mixed-use site
- Sale setThe Herbal Cure buildingDenver, CO · Retail (dispensary)
- ReceivershipFairmont Heritage Place The CedarsHendersonville, NC · Hotel-condo (unfinished)
- ReceivershipAddison Ice ArenaAddison, IL · Recreation
- Posted for saleMeyerland on BraeswoodHouston, TX · Multifamily
- Posted for saleCopper Mill ApartmentsSan Antonio, TX · Multifamily
- Special servicingSt. Luke's OfficeAllentown, PA · Office
- LitigationValley West MallWest Des Moines, IA · Regional mall