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MIAMI-The 11-year-old, 98%-leased, 296-unit Lakes at Pembroke Pines in Broward County has an $11.5 million, fixed-rate permanent loan today, thanks to its strategic location between Miami and Fort Lauderdale.

The Dallas office of Lend Lease Real Estate Investments’ Freddie Mac program, is providing the funding at an under-7% interest rate for an unidentified pension fund advised by Chicago-based LaSalle Investment Management Co.

Joseph N. Hevey Jr., senior director, Holliday Fenoglio Fowler, Dallas, brokered the transaction. He would not disclose the actual interest rate. In a prepared statement, Hevey says the funding proposal “drew interest from several top lenders.”

The property is at 9900 Sheridan Street in Pembroke Pines, FL, 25 miles north of Downtown Miami.

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