Perkins Rowe foreclosure auction postponed

The long-awaited foreclosure sale of Perkins Rowe that was scheduled for Wednesday has been canceled. The U.S. Marshal’s office confirms the sale was canceled after attorneys for KeyBank National Association—the Ohio lender that is owed some $200 million from developer Tommy Spinosa on the mixed-use development—requested the sale be postponed. A spokesperson for KeyBank declines to comment, as does the bank’s local attorney. However, sources familiar with the case say a new foreclosure sale date will be scheduled for early May. While the property was not necessarily expected to sell at the auction Wednesday, the fact that the bank has requested the delay—after fighting to foreclose on the property for more than 3.5 years—suggests that perhaps a buyer has come forward with an offer. Whether Spinosa is involved in such a deal is unclear, and efforts to reach the developer were unsuccessful. Perkins Rowe has an appraised value of more than $95 million. A minimum bid of at least $66 million, or two-thirds of its appraised value, would have been required at auction. —Stephanie Riegel