Pembroke Lakes Mall Faces $260M Foreclosure, Appraised at $112M

Deutsche Bank National Trust Co., as trustee, sued on Oct. 8 to foreclose on Pembroke Lakes Mall in Broward Circuit Court. The mall’s owner is BGRE, the former Brookfield Properties retail arm, and an April 2026 appraisal values it at $112M, against $427M in 2013.

Why it matters

The suit names Pembroke Lakes Mall LLC as defendant and follows a South Florida Business Journal report on Oct. 7 that the mall could be seized. A 73% drop in appraised value means the $260M loan is now well underwater, and a lender sale at that gap would reset what regional malls in the county are worth. Bisnow reported the filing; we have not seen the complaint itself.

The numbers

The original loan was a $260M Goldman Sachs deal from 2013 that matured in March 2025. Bisnow reports $263.8M was owed as of Sept. 1, including principal, interest and default interest.

The loan went to special servicing in April 2025, and a three-year extension request was denied. The lender is asking the court to appoint Carmen Spinoso of Spinoso Real Estate Group as receiver.

The property is a 1992 mall at 11401 Pines Blvd. in Pembroke Pines, about 1M SF in total, with 535K SF securing the loan. Occupancy was 95% in September 2024, but cash flow had fallen about 30%. Anchors include Dillard’s and AMC Theatres.

Our own check of the Broward Property Appraiser record for folio 514013130010 shows owner PEMBROKE LAKES MALL LTD, a 2027 working just value of $108.4M (land $26.9M, improvements $81.5M) and 565,145 building square feet. The county’s figure sits close to the lender’s $112M appraisal. Working values can change before they are finalized.

What’s next

Watch for a receiver ruling and the owner’s response in the Broward case. A court-appointed receiver would take over operations while the foreclosure runs.

The question for buyers is price. With the lender’s own appraisal at $112M, any sale or negotiated payoff would likely land far below the $263.8M balance, which is the entry point for anyone eyeing a large South Florida retail asset.