Fannie, Freddie Freeze Broward Condo Sale After Residents Forced Out

Fannie Mae and Freddie Mac have blocked the sale of a 36-year-old Broward condo complex that officials deemed structurally unsafe and forced residents to evacuate.

Heron Pond Pembroke Pines Condos Auction Sale
Courtesy of Avison Young
The 25-Acre Heron Pond At 8400 Sw First St.

A Sept. 25 auction was canceled when no bids topped Integra Real Estate’s $20.5M stalking horse offer.

But the sale to Integra was frozen after a federal judge granted Fannie Mae and Freddie Mac an emergency temporary restraining order, The Real Deal reported.

The mortgage giants hold first-position liens on eight units and argue that federal law bars the sale of any property tied to their loans without approval from the Federal Housing Finance Agency.

The restraining order halts the sale until Oct. 9. In their filing, Fannie and Freddie argued the order was necessary to prevent the unlawful transfer of their property interests and said the hardship to them outweighed any delay to the seller.

The 304-unit, 19-building property was built as a garden apartment complex in 1988 and converted to condos in the early 2000s.

After residents reported holes, termite damage and rotted beams, the city began issuing safety notices in 2023. Officials declared the occupied units unsafe in July 2024 and forced residents out by the following month.

The court approved a sale of Heron Pond at 8400 SW First St. soon after the evacuation, but two condo owners sued to stop receiver Daniel Stermer from pursuing a full property sale.

Avison Young and Fisher Auction Co. were tapped to handle the marketing and sale process. Avison Young principal John Crotty told Bisnow in June that the condo termination process was nearly finalized, allowing the court to schedule the auction for September, aiming for roughly $25M.

The Circuit Court in Broward County approved the plan of termination in July, according to public records.

Stermer wrote in his September 2025 report that Fannie and Freddie will not consent to the sale unless they are paid in full, TRD reported.

Integra, Fannie Mae and Freddie Mac did not immediately respond to a request for comment.

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