Posted: Aug 28, 2013 11:03 AM
Updated: Aug 28, 2013 11:03 AM
BATON ROUGE - Perkins Rowe sold at a foreclosure auction today to KeyBank National Association, the lender which says it was never paid for loans used to build the development, for $69.3 million.
The banks were the only bidder in the auction, which was over in minutes.
KeyBank, an Ohio lender based in Cleveland, started the foreclosure proceedings against developer Tommy Spinosa back in 2009 after they said they hadn't received any payments on more than $170 million in construction loans.
A judge leveled a $201 million judgement against Spinosa for the loans and interest last year, which KeyBank still intends to collect.