A Miami apartment building developed by the late Sergio Pino is facing a $45.4 million foreclosure suit.
Pino, a prominent South Florida real estate figure who founded Century Homebuilders Group, died on July 16 from a self-inflicted gunshot wound at his Coral Gables home. At the time, the Federal Bureau of Investigations was closing in on raiding his home and arresting him over allegations he hired hitmen to murder his wife. Tatiana Pino had claimed in court that her estranged husband had tried to kill her, including by poisoning her with fentanyl and bath salts.
In the foreclosure filing, lender Lument alleges that an entity through which Pino developed the 850 Living apartment building failed to make August and September payments on a $49.5 million loan. Century Gables View Multifamily, previously managed by Pino, took out the loan in 2021, after completing the eight-story, 230-unit 850 Living at 811 Northwest 43rd Avenue in 2020, according to records.
The foreclosure is for the $45.4 million loan balance, according to the suit and real estate database Vizzda. After the August and September defaults, Lument accelerated the debt, which otherwise was set to mature on Dec. 6.
The suit, which calls for the appointment of a receiver to oversee 850 Living, was filed in Miami-Dade Circuit Court last week against Century Gables View Multifamily and Philip J. Shechter, who was appointed by the court as curator of Pino’s estate following his death.
Shechter’s attorney said 850 Living is poised to be sold, and the proceeds will cover the outstanding debt.
Shechter “has been working feverishly to address all of the real estate properties within the estate of Sergio Pino,” including 850 Living, attorney Mark Raymond said. “We are presently working on a purchase and sale agreement that will benefit the lender and all interested parties because there’s substantial equity in the property.”
The apartment building was an investment by Pino individually and by his partners, and wasn’t part of his Century Homebuilders company’s portfolio, the firm’s attorney, Stuart Kapp, said. 850 Living “has no effect or bearing on Century Homebuilders Group,” he added.
After Pino’s death, Nancy Pastor, a real estate broker who reportedly was Pino’s girlfriend, was appointed manager of Century Gables View Multifamily, according to records. Pastor, who isn’t named as a defendant in the suit, didn’t immediately return an email seeking comment.
Lument’s foreclosure lawsuit also lists defaults due to a change in the ownership interest of entities tied to 850 Living. In March, Pino transferred all of his interest in an entity called LeJeune Property Living to a living trust. Lument wasn’t notified until August, in violation of the loan agreement, which required notification to the lender 30 days prior to the transfer.
The FBI has alleged that Pino hired two crews to murder his wife. The first team rammed a Home Depot flatbed truck into Tatiana Pino’s BMW, set her sister’s car on fire and supplied Pino with fentanyl with which he allegedly tried to poison her, according to an arrest warrant and law enforcement officials. When these efforts failed, a second team, which also was unsuccessful, stalked Tatiana Pino and at one point, drove to her home, and one of the men exited the car “with a gun and chased Mrs. Pino,” South Florida U.S. Attorney Markenzy Lapointe said at a July press conference. She fled inside the home.
The Pinos were in the middle of a contentious divorce.
Before his troubles, 67-year-old Pino had established a name for himself in real estate. His Coral Gables-based Century Homebuilders is one of the biggest Hispanic-owned homebuilders nationwide, having completed 16,000 homes across South Florida, according to its website. Pino previously had served as president of the Latin Builders Association and was vice chairman of U.S. Century Bank’s board of directors.
Following his death, Tatiana Pino was listed as president of Century Homebuilders. Carlos Pino, Sergio’s brother, has levied a court fight for a stake in the company.
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