Judge denies Spinosa, ThornCo calls to delay Perkins Rowe foreclosure

The foreclosure sale of Perkins Rowe can move forward, says U.S. District Judge James Brady, who late Thursday denied separate motions by developer Tommy Spinosa and contractor ThornCo to delay the proceedings. In his ruling, Brady rejects Spinosa’s main argument for requesting delay: namely, that lender KeyBank National Association’s $86 million appraisal of the mixed-use development is flawed. However, Brady says, “the court will consider appointing a third appraiser and/or requiring KeyBank to update its appraisal.” Brady’s ruling also rejects ThornCo’s argument that a foreclosure sale will hamper its lien rights against Spinosa. ThornCo helped build Perkins Rowe and claims to be out nearly $3 million. Still, the ruling does not set a date for the foreclosure sale, at which KeyBank is expected to buy back the property for the appraisal price, a situation that would leave Spinosa on the hook for some $115 million. —Stephanie Riegel