Lender gets OK for sale

Advocate staff photo by RICHARD ALAN HANNON -- The Perkins Rowe mixed-use development at Perkins Road and Bluebonnet Boulevard in Baton Rouge includes apartments, condominiums, restaurants, a pharmacy, bookstores and a grocery. On Wednesday, it was approved by a federal judge for foreclosure sale.
Advocate staff photo by RICHARD ALAN HANNON -- The Perkins Rowe mixed-use development at Perkins Road and Bluebonnet Boulevard in Baton Rouge includes apartments, condominiums, restaurants, a pharmacy, bookstores and a grocery. On Wednesday, it was approved by a federal judge for foreclosure sale.

Foreclosure sale date to be set for Perkins Rowe

A federal judge granted an Ohio lender an order Wednesday for the foreclosure sale of Baton Rouge developer J.T. “Tommy” Spinosa’s Perkins Rowe mixed-use project at Bluebonnet Boulevard and Perkins Road.

The order by U.S. District Judge James J. Brady also permits KeyBank National Association, of Cleveland, to sell “all contractual obligations of Central Facilities or its successor or of any third party to provide chilled water” to Perkins Rowe.

That chilled water supplies air conditioning for the shops, stores, restaurants, apartments and condominiums in the development.

Central Facilities remained under Spinosa’s control in September when Brady ruled the developer and his Perkins Rowe companies owe KeyBank more than $201.9 million in principal and interest on construction loans. The firm’s chilled-water plant is near the northeastern edge of the development.

The dispute over control of Central Facilities’ chilled water supply was not resolved by Brady’s ruling in September.

Asked late Wednesday whether he retains control of Central Facilities, Spinosa said: “I really don’t have any comment on that.”

Spinosa, who is asking the 5th Circuit Court of Appeals to overturn Brady’s decision from September, said the order for foreclosure sale of Perkins Rowe had been expected for some time.

KeyBank spokeswoman Laura J. Mimura said she does not know when the foreclosure sale will take place.

“The judge has granted the order,” Mimura said. “We now take that order to the U.S. Marshal (Kevin Harrison). The marshal sets the sale date.”

Mimura said she could not comment on the issue of Central Facilities and its chilled water plant.

Until after the sale takes place, Brady ordered Wednesday, his court-appointed manager will remain in control of Perkins Rowe. That manager is Jones Lang LaSalle Americas Inc., of Chicago. It has operated the development at a profit since late 2009.

Spinosa’s debt to KeyBank has increased daily by $32,510 in post-judgment interest since Brady’s order of Sept. 4.

Perkins Rowe is a project that includes 229 apartments, 88 condominiums, more than 60 shops and restaurants, a movie complex, grocery store, pharmacy, a book store, two parks and business offices.