KeyBank asks court to set date for Perkins Rowe foreclosure sale

KeyBank National Association has filed documents in U.S. District Court asking the judge in the Perkins Rowe foreclosure case to allow the U.S. Marshal to set a date for the foreclosure sale of the mixed-use development. Once the Marshal signs the so-called writ of execution, which could happen as soon as later today, the Ohio-based lender will file a legal notice advertising the sale of the property. In its filing, KeyBank does not request a specific date for the sale, but sources say the bank would like the sale to take place as soon as legally possible. Once the date is set, Perkins Rowe will presumably be sold at auction to the highest bidder. According to court documents, the minimum bid must be two-thirds—or $63.3 million—of the $95 million appraised value of the development. The latest development in the long-running foreclosure suit would seem to suggest that, short of filing bankruptcy, developer Tommy Spinosa is running out of options. Spinosa owes KeyBank some $200 million for the project, which means even after a foreclosure sale he could still be on the hook for more than $136 million. Spinosa did not return a request for comment in time for publication. KeyBank spokeswoman Laura Mimura declined to comment, except to say the bank is moving forward with the foreclosure sale and that, for now, day-to-day operations at Perkins Rowe will not change. —Stephanie Riegel