Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.