Baton Rouge Developer Must Pay $201M For Loans, Interest

BATON ROUGE, La. (AP) — A federal judge says a Baton Rouge developer owes an Ohio lender $201.9 million in loans and interest on a mixed-use project called Perkins Rowe.

The Advocate reports that U.S. District Judge James J. Brady added that J.T. "Tommy" Spinosa and his firms also must pay Cleveland-based KeyBank National Association an additional $32,510 in interest for each day the debt remains unpaid.

Brady ruled last month that KeyBank could foreclose on the development, but he did not specify the total debt until Tuesday.

Attorney Mark R. Beebe of New Orleans says the developer and his Perkins Rowe companies will ask the 5th U.S. Circuit Court of Appeals to reverse Brady's decision.

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