KeyBank To Get $201.9M In Project Loan Default Suit

Law360, New York (September 5, 2012, 6:01 PM EDT) -- A Louisiana federal judge ruled Tuesday that a group of local development companies must hand over $201.9 million to KeyBank NA after defaulting on loans for a massive mixed-use project in Baton Rouge, plus the bank's court costs associated with the suit.

U.S. District Judge James J. Brady ordered developer Joseph Thomas Spinosa and several companies affiliated with the Perkins Rowe mixed-use project to pay the sum after missing several payments on a 2006 loan totaling $170 million. The award covered the remaining principal of $161.4...
To view the full article, register now.