Ohio bank buys Perkins Rowe development for $69.3M PDF  | Print |  E-mail
Written by Associated Press   
Wednesday, 28 August 2013 13:13

BATON ROUGE, La. (AP) — KeyBank National Association is the new owner of the Perkins Rowe development after being the only bidder at a foreclosure auction for the property.

The Advocate reports (http://bit.ly/1dqweOc ) the Cleveland-based bank bid $69.3 million for the property.

The Baton Rouge development includes 87 condominiums, 226 apartments, more than 60 shops and restaurants, two parks, a bookstore, grocery store, fitness center, pharmacy and movie complex.

The auction took place Wednesday. It had been postponed on three different occasions.

U.S. District Judge James Brady awarded KeyBank and other participating lenders a judgment last year for more than $201.9 million against developer J.T. Spinosa and three of his firms, which ceased payment on construction loans in 2008. In January, Brady gave the bank permission to move forward with the foreclosure of the property.

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Information from: The Advocate, http://theadvocate.com


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