The foreclosure sale of J.T. “Tommy” Spinosa’s local mixed-use development, Perkins Rowe, was postponed for the third time on Tuesday by KeyBank National Association.
KeyBank, a lender based out of Ohio, is putting Perkins Rowe on the market after Spinosa, local real estate developer, failed to pay back money lent to develop it. The bank filed a lawsuit against Spinosa and three of his companies in July of 2009 after alleging that he hadn’t made a payment on the $170 million loan since October 2008.
Spinosa originally countered that KeyBank owed him $11 million after allegedly interfering with planned condominium sales. Presiding Judge James J. Brady later threw out Spinosa’s counterclaims after he failed to provide Perkins Rowe documents requested by KeyBank. Brady also gave control of Perkins Rowe to Jones Lang LaSalle Americas, a firm based out of Chicago.
After three years of countless lawsuits and countersuits, Brady ruled that Spinosa owes KeyBank $201.9 million for unpaid loans and interest as well as $32,510 in interest every day that the debt remains unpaid.
Brady initially granted KeyBank permission to schedule the sale in January of this year. However, after scheduling and postponing the sale for March 20, May 8 and then June 19, the foreclosure process has been halted yet again.
“We’ve had to postpone the foreclosure sale of Perkins Rowe for business reasons,” said KeyBank spokesperson Laura Mimura.
Mimura also said that the bank “does not disclose the specifics of the foreclosure sale.”
Although Brady signed off on the third postponement, he has not yet announced a new date for the sale.
A date that has been announced, however, is the latest appeal filed by Tommy Spinosa’s legal team.
The U.S. Fifth Circuit of Appeals announced this week that they will hear oral arguments to decide if the U.S district court had jurisdiction in the case on the week of August 5th.
Perkins Rowe, a 23-acre development off of the Perkins Road/Bluebonnet intersection that includes residential living space, office space, high-end boutiques, restaurants and movie theater, is a favorite among locals. Most of those who flock to the posh hot-spot have no idea that it is dealing with heavy financial woes.
Despite the lawsuits, debt and foreclosure, Perkins Rowe continues to grow. Mimura also insisted that there is no need to worry about businesses within Perkins Rowe.
“JLL [Jones Lang LaSalle] has successfully managed this property, and in fact two new restaurants recently opened earlier this year — Lava Cantina and VooDoo BBQ & Grill,” she said. Additionally, there is a waiting list for the apartments at Perkins Rowe. It is in the best interests of everyone to ensure the seamless operation of Perkins Rowe .”
