Wachovia sues Wayne Mason over loan default

By Paul Donsky

The Atlanta Journal-Constitution

Wachovia Bank is suing prominent Gwinnett County land investor Wayne Mason for defaulting on a $7.5 million loan he took out in 2004 to buy three units at a medical office building in Buckhead.

According to the lawsuit, filed Monday in U.S. District Court in Atlanta, Mason failed to pay $7.07 million remaining on the loan that came due in February. The lawsuit names both Mason and a company he controls, Lone Pine, as defendants.

In a statement issued through a spokeswoman, Mason said he received a copy of the complaint Wednesday afternoon.

“Our lawyers will be reviewing its allegations and we’ll respond accordingly,” he said.

Documents included in the lawsuit say Mason and Lone Pine borrowed the money to buy three units at the Palisades at West Paces, a medical office building near I-75 and Northside Parkway. The lawsuit did not say what Mason did with the property.

Mason has long been one of suburban Atlanta’s most prolific real estate deal-makers, best known for buying large tracts and selling them to commercial and residential builders.

He bought and sold the land that later became home Discover Mills in Duluth and brokered many other deals for subdivisions and shopping centers.

Mason also became embroiled in Atlanta’s ambitious Beltline project, spending $25 million in 2004 to buy a key 4 1/2-mile segment of the planned 22-mile loop of trails, transit and parks. Mason sought to rezone the property to allow for several residential and commercial projects, including twin high-rises near Piedmont Park.

That sparked the ire of local residents, who waged a bitter battle to kill the plans. The city brokered a deal to buy the 4.5-mile segment in northeast Atlanta from Mason for $66 million.