Perkins Rowe auction date set for March

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The foreclosure auction of the mixed-use Perkins Rowe development is scheduled at 10 a.m. March 20 at the U.S. District Courthouse, 777 Florida St., U.S. Marshal Kevin Harrison said in court filings Monday.

The minimum bid must be at least $63.5 million, Harrison’s filings show.

Perkins Rowe is near Bluebonnet Boulevard and Perkins Road.

KeyBank National Association, an Ohio lender based in Cleveland, filed its foreclosure action in July 2009. Bank officials said at that time that the lender had not received any payments on $170 million in construction loans from either developer J.T. “Tommy” Spinosa or his three Perkins Rowe firms since October 2008.

U.S. District Judge James J. Brady ruled in September 2012 that Spinosa, who personally guaranteed his firms’ Perkins Rowe debts, owed the bank $201.9 million in unpaid principal and interest on the debt.

The judge added that interest would continue to build at a rate of $32,510 for each day after Aug. 15, meaning the additional interest totaled more than $5.6 million as of Tuesday.

KeyBank hired the New York firm of Cushman & Wakefield Inc. to appraise the market value of Perkins Rowe. Cushman & Wakefield reported in November that the development was worth $95 million at that time.

Perkins Rowe has 87 condominiums, 226 apartments, more than 60 shops and restaurants, a bookstore, grocery store, fitness center, a movie complex and a pharmacy.

A sale of Perkins Rowe for $63.5 million would shrink KeyBank’s loss to approximately $131 million, considering more than $13 million in profits Brady’s court-appointed manager — Chicago-based Jones Lang LaSalle Americas Inc. — has earned for the lender since late 2009.

Because Spinosa personally guaranteed repayment of his Perkins Rowe companies’ debts to KeyBank, the lender could attempt to recover any losses from Spinosa’s personal assets.

Spinosa and his companies could block the foreclosure sale by filing for bankruptcy court protection from creditors. As of 6 p.m. Monday, no such filings appeared in public records.