East Nashville's 5th & Main condos seized over debts

Developers fell behind by $29M to Wachovia

SHELLEY MAYS-THE TENNESSEAN

Wachovia Bank won a court order Thursday appointing a receiver to take control of the Fifth & Main condo project after its owners had little success selling units and fell far behind on what the bank says is more than $29 million in principal, interest and other expenses.

John R. Cheadle Jr. was appointed receiver of the 130-unit property by the Davidson County Chancery Court. He said Wachovia, one of the lenders, probably would try to sell all or part of the property, although that could be complicated by the slow economy and iffy condo market.

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