The Real Deal Miami

Pino swings back with Doral countersuit

January 26, 2010 03:37PM

Developer Sergio Pino is fighting the foreclosure proceedings on his multimillion-dollar housing project in Doral, filing a countersuit against lender Wachovia Bank. The project, which had made headlines by offering green cards to foreign nationals who invested in the project, went into foreclosure late last year. Pino’s countersuit contends that Wachovia is liable for $200 million in lost profits. His attorney, Victor Diaz of Podhurst Orseck, said Wachovia delayed the project until the credit and housing market crisis hit and the development became nonviable. Pino told Wachovia last June he would not be able to make payments on the bank’s $65 million loan. [Miami Herald]