Foreclosure sale of Perkins Rowe postponed again

Order to sell Perkins Rowe postponed from Wednesday to June 19

There will be no foreclosure sale of the Perkins Rowe mixed-use development at the federal courthouse Wednesday in Baton Rouge, court records show.

U.S. District Judge James J. Brady signed an order Tuesday that postpones that sale until June 19.

In January, Brady granted KeyBank National Association, of Cleveland, Ohio, permission to schedule the sale.

The judge ruled earlier that developer J.T. “Tommy” Spinosa owed the bank more than $201.9 million in principal and interest on construction loans for Perkins Rowe.

KeyBank initially scheduled the sale for March 20, but bank officials announced postponement of that sale the day before the auction.

On Tuesday, KeyBank attorney F. Scott Kaiser, of Baton Rouge, asked Brady for a second postponement of the auction until June 19. And the judge immediately granted Kaiser’s motion.

KeyBank spokeswoman Laura J. Mimura said Tuesday that bank officials had no comment about the latest postponement.

In March, Mimura said the first postponement was made for “business reasons” that she would not specify.

Mimura added in March, “It is important to note that business operations for Perkins Rowe will continue, and it is in the best interests of everyone involved to ensure resolution of this matter.”

Kelly Vastine, spokeswoman for Spinosa, said Tuesday: “We have no comment at this time.”

Perkins Rowe is a 23-acre development near the intersection of Perkins Road and Bluebonnet Boulevard. It includes 87 condominiums, 226 apartments, a movie complex, fitness center, pharmacy, grocery, bookstore and more than 60 restaurants and shops.

It also has two parks at which musical groups frequently perform.

KeyBank filed suit against Spinosa and three of his Perkins Rowe companies in July 2009. Bank officials alleged they had not received loan payments from Spinosa or his companies since October 2008.

Brady ruled last year that interest on the debt would continue to grow at a daily rate of $32,510.