A consortium of lenders led by Cleveland-based Keybank National Association filed foreclosure proceedings in federal court Tuesday against Perkins Rowe. The suit, filed in Baton Rouge, says the development hasn’t made payments on its $170 million loan since October and that it owes $165 million. The filing is not expected to affect day-to-day operations at the mixed-use development, Perkins Rowe officials say. “Over the past few months we have worked diligently with our lenders to address issues and work through them. Unfortunately the tight economic market has made refinancing difficult,” officials say in a statement. Perkins Rowe will seek new financing and will continue working with lenders in the hopes of reaching a settlement. To see the lawsuit, click here. For a recent Business Report cover story about Perkins Rowe’s troubles, click here.
Perkins Rowe lenders file for foreclosure
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