News alert: KeyBank moving forward with Perkins Rowe foreclosure

KeyBank National Association is moving forward with its foreclosure sale of the Perkins Rowe mixed-use development, more than three years after it filed suit against developer Tommy Spinosa for defaulting on his mortgage. The Ohio-based lender filed documents late this afternoon asking the U.S. District Court to “enter an order directing the terms and conditions for the foreclosure sale” of the mixed-use development. KeyBank is asking the court to set the sale price at $86 million, which is what Perkins Rowe appraised for last March. The bank also asks that Spinosa be forced to make up any difference between the sale price and the $202 million he owes. Last month, the court gave KeyBank the green light to proceed with the foreclosure while Spinosa tries to appeal the final judgment against him in the case. There is no word on how long the actual foreclosure process will take, but in the short term, shoppers, tenants and residents of Perkins Rowe will not notice any difference. “Perkins Rowe is vibrant and we expect it to continue to be successful,” says KeyBank spokesperson Laura Mimura. “Typically investors and buyers of mixed-use properties have experience in managing and maintaining them.” An attorney for Spinosa did not immediately return a call for comment. —Stephanie Riegel