MORGANTOWN -- Huntington National Bank is suing West Run Student Housing Associates after it claims the company did not pay on its loan of nearly $40 million.
On Oct. 5, 2006, the bank and West Run Student Housing Associates entered into a contract where the bank agreed to make a construction loan in the amount of $39.975 million, according to a complaint filed Oct. 13 in Monongalia Circuit Court.
The bank claims the defendant has failed or refused to make a mandatory principal reduction payment in the amount of $15.895 million, as required by the loan agreement.
As of Oct. 5, the outstanding principal balance and accrued and unpaid interest on the loan totals $41.45 million, according to the suit.
The bank is seeking damages in the amount of the total with interest. It is being represented by David M. Thomas, Jason S. Long and Matthew H. Nelson.
Monongalia Circuit Court case number: 10-C-722