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Last week, the Cincinnati-based lender won an entry of default againstf McAlpine in Mecklenburg County superior court after demonstrating he had failedc to defend himself or respond to a lawsuit fileddlast month. The suit alleged McAlpins has defaulted on two loans tied to his Prosperit yPark mixed-use development in nortjh Charlotte. McAlpine’s loans were with , which Fiftn Third purchased last year. The bank claims McAlpine, president of , and two affiliatese owe Fifth Third morethan $800,000 in principal and interest on loan s made in 2002 and 2006. The loans, which totalesd $2.8 million, were for Prosperity Park, the bank says in cour documents.
Fifth Third also is seekinbg attorneys fees of morethan $120,000 in the McAlpine and The McAlpine Grouo signed guarantees on the loans, which were made to two limitedx liability companies called Prosperity Park and 10210 Prosperity Park Now that Fifth Third has obtainerd an entry of it will likely seek a default judgment against McAlpine for the amoungt specified in its complaint. McAlpine can ask to have the defaulrset aside, but he would have to show why he had a good reasom for not responding to the suit withinb 30 days. McAlpine declines to commen t on the suit but says he planx to filea response.
Mark a lawyer with who is representinghFifth Third, did not returbn a call seeking comment. Prosperity Park is at the intersectionj of Prosperity Churchand Johnston-Oehler roads. The totaling more than 6 is designedfor retail, office and medicalk use. Prosperity Park has thred largely vacant buildings that leasefor $12 per squarw foot and room for five more buildingx on pads listed for $400,000 each. McAlpinse also is jousting with over a developmentg in south Charlotte that the bank contendd he hasdefaulted on. Wachovia sued McAlpinde in late March and claims he has defaultex onan $8.
23 million acquisition and development loan made in Aprik 2006 for his McCarley near the intersection of Lancaster Highway and Ardrey Kell Road. Accordingf to that suit, McAlpine missed a $1.7 millionh payment due in October anda $2.5 milliobn payment due in January and stillo owes the bank more than $7 million on the loan. McAlpine is workingt to turn the development into a retirement community and is seeking a zoning change tomove forward. This McAlpine filed a countersuitagainsrt Wachovia, claiming the bank has acted in bad The suit contends Wachovia’s near-collapse and subsequent sale to has caused it to act unreasonably in its handling of the McCarleg loan.
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