Perkins Rowe foreclosure sale set

Perkins Rowe will go on the auction block March 20. That is the court-ordered date set this morning for the foreclosure sale of Tommy Spinosa’s mixed-use development. Whether the property actually changes hands that day and brings to a close the 3.5-year-old foreclosure case is another matter. In part, that’s because the property must sell for at least two-thirds—or $63.3 million—of its $95 million appraised value. If no one bids that much at the first auction, the property will be offered a second time at a later date but with no minimum price. Typically in foreclosure cases, such properties go to a second sale. In theory, Spinosa—who owes lender KeyBank National Association more than $200 million on the development—could buy the property back at auction. Still, he would have to pay the difference between the sale price and what he owes the bank, which is expected to file a deficiency judgment against him to make up the difference. The process could also be delayed should Spinosa file for bankruptcy, which is not necessarily expected but is a possibility. —Stephanie Riegel