News alert: Again, judge clears way for foreclosure of Perkins Rowe

A federal judge today cleared the way for KeyBank National Association to take back Perkins Rowe from developer Tommy Spinosa, though this isn’t the first time in the three-year-old case that has happened. Last fall, U.S. District Judge James Brady granted a summary judgment to the Ohio-based bank, giving it the right to foreclose on the mixed-use development. However, the foreclosure has yet to take place because the two sides have been trying to settle a separate legal dispute over the Spinosa-owned facility that supplies chilled water to the Perkins Rowe air-conditioning system. Earlier this summer, KeyBank again asked the court to let it move forward with the foreclosure. In his ruling issued today, Brady says KeyBank’s right to foreclose is not related to the chilled water issues and that “There is no just reason for delay,” adding, “Judgments against the Perkins Rowe defendants and Spinosa personally have begun to accumulate.” There is no word on when KeyBank may move to take back the property. As a practical matter, foreclosure would have no effect on the development or its tenants, at least not for as long as the bank would own it. —Stephanie Riegel