Thursday, October 29, 2009
© Copyright 2014
Gwinnett Daily Post
LAWRENCEVILLE -- Gwinnett developer Wayne Mason has defaulted on a $7.5 million loan, according to a lawsuit filed earlier this week.
Wachovia Bank filed the suite Monday in U.S. District Court in Atlanta, alleging the loan was made to Mason's company Lone Pine in July 2004 for the purchase of three units at the Palisades at West Paces Condominium
When the loan matured in July 2005, the company, Mason and Wachovia entered into the first of many amendments to the agreement, holding off on principal payments, the suit said, adding that he defaulted on the loan earlier this year.
Attorneys are seeking $7,071,526.29 in principal plus $123,067 in default interest.
Mason, who served as county chairman in the 1970s and has been involved in development deals in Atlanta and Gwinnett, was not available for comment Thursday.
"Our lawyers will be reviewing the allegations and we'll be responding accordingly," said Jane Langley, a spokeswoman for Mason.