Perkins Rowe, KeyBank in dispute over keeper

Perkins Rowe and KeyBank National Association are in a dispute over a federal judge’s decision to appoint a keeper for the mixed-use development, which faces foreclosure. U.S. District Judge James J. Brady issued an order last week, allowing Jones Lang LaSalle, a Chicago-based real estate service firm, to take over rent collection, management and maintenance of Perkins Rowe. KeyBank argued this step was necessary and allowed by state law, since Perkins Rowe could “conceal, dispose of, or waste the property or the revenues.” Attorneys for KeyBank and Perkins Rowe met Tuesday to discuss the scope of Brady’s order and the role of Jones Lang LaSalle. Brady has ordered the two sides to informally work out their differences in the next month, but if they are unable to do so, they can file motions with the judge. Cleveland-based KeyBank leads a group of lenders that filed foreclosure proceedings last week. The suit says the development hasn’t made payments on its $170 million loan since October and that it owes $165 million.