ST. PETERSBURG - Homeowners aren't the only ones vulnerable to foreclosure these days.

Sun Vista Snell LLC, which paid $41-million last year for a Snell Isle apartment complex and planned to spend another $20-million converting it into condominiums, has been sued by its chief lender for allegedly defaulting on a $34-million loan.

Wachovia Investment Holdings LLC claims Sun Vista stopped paying its mortgage in October, just months after obtaining a loan to acquire the 272-unit Snell Isle Club complex on Eden Isle.

In a court filing, St. Petersburg-based Sun Vista acknowledged that it stopped making payments but denied defaulting on the loan.

Attempts to reach Sun Vista, its lawyers, and principals John Loder and Stephen Spencer were unsuccessful Wednesday.

The suit could spell financial trouble for Loder, who caught the real estate bug after his family sold the Crabby Bill's restaurant chain and is involved in several other high-profile real estate projects locally.

Wachovia says Loder and architect Spencer both guaranteed the loan personally; each claimed he was worth at least $20-million.

Wachovia's not the only Sun Vista creditor feeling crabby. Gannaway Builders of Clearwater claims the developer stiffed it for more than $500,000 worth of work, while Gulf Coast Painting and Waterproofing says it's owed about $38,000.

Precisely what went wrong at Sun Vista isn't clear. But boat slips may have aggravated the problem.

St. Petersburg City Councilman Bill Foster, whose district includes Snell Isle, said Sun Vista ran into fierce opposition from city officials and Eden Isle residents when it proposed to build dozens of boat slips, a commodity whose value has skyrocketed in recent years as waterfront development has eliminated them.

An inability to build and sell multiple boat slips on the Snell Isle Club property might have upset Sun Vista's profit assumptions.

Alona Dishy, a Realtor with listings in and around Snell Isle, said most of her clients who want to buy a condo prefer to live downtown. The exception, she said, are those who want waterfront access for their boat.

Foster called the Snell Isle Club's travails disappointing. "It would've been a great addition to our housing stock," he said.

Scott Barancik can be reached at barancik@sptimes.com or (727) 893-8751.