Cleveland-based KeyBank has won its $170 million foreclosure suit against Perkins Rowe developer Tommy Spinosa, U.S. District Judge James J. Brady ruled today. In a summary judgment, Brady says KeyBank has the right to foreclose on mixed-use development and enforce the personal guaranty from Spinosa on the loan.
KeyBank initiated foreclosure proceedings on Perkins Rowe two years ago. In June, Brady dealt a major blow to Spinosa by throwing out all his defenses and counterclaims.
“We believe that Judge Brady made the correct ruling and this ruling outlines the procedural history clearly. We are unable to provide any further comment,” says KeyBank spokesperson Laura Mimura.
A spokesman for Spinsoa did not immediately return a call for comment. Following Brady’s ruling in June, Spinosa attorney Mark Beebe said he would “await the opportunity to appeal to the United States Fifth Circuit to insure that proper result is reached.”
Read Brady’s complete ruling here.—Steve Sanoski
