The Real Deal Miami

Builder Sergio Pino named in foreclosure suit

October 21, 2009 10:40AM

The $4.4 million foreclosure lawsuit aimed at the Coral Gables commercial project Lancaster Plaza named major homebuilder Sergio Pino as a guarantor. According to Miami-Dade County Circuit Court records, Coral Gables-based Mercantil Commercebank filed the suit against Century Lancaster Plaza as well as against Pino, who is a director at U.S. Century Bank, and Juan Carlos Menendez. Mercantil granted a $2.2 million mortgage to Century Lancaster Plaza in 2005, when the group bought the site for $7.5 million. A year later, the mortgage was increased by $26.6 million through a construction advance. [SFBJ]