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Deutsche Bank seeks foreclosure of Pembroke Lakes Mall loan
Deutsche says the borrower owes $263.8M as of Sept. 1, after it failed to repay the $260M mortgage by its March maturity date.
Deutsche Bank National Trust Co. has filed a foreclosure suit tied to a $260M commercial mortgage for Pembroke Lakes Mall in Broward County, according to a filing in Broward County Circuit Court covered by Bisnow.
The suit says Pembroke Lakes Mall LLC failed to repay the mortgage by its maturity date in March last year, and Deutsche National Trust said it notified the borrower of the default in April 2025 and again in April 2026.
Bisnow reports the borrower is BGRE, formerly Brookfield Properties, and Deutsche said BGRE owes a total of $263.8M as of Sept. 1, including principal, interest, and default interest.
In the filing, Deutsche also asked the court to appoint Carmen Spinoso of Spinoso Real Estate Group as receiver of the property, while Bisnow said BGRE had requested a three-year loan extension that was denied.