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re: Spinosa Debt Refinanced = Saban to UT?
Posted on 12/12/13 at 7:56 am to bamaswallows
Posted on 12/12/13 at 7:56 am to bamaswallows
quote:
(as he was also involved in Perkins Rowe with Spinosa, which went south)
can someone shed light on this? what went south? Perkins Rowe sure looks successful to me. how is it so much in debt?
Posted on 12/12/13 at 8:00 am to GeeOH
Perkins Rowe has been involved in foreclosure proceedings for about 2 years or so. Borrowed about $220MM to build everything out and Spinosa had disagreement with lenders about release prices on condos and/or other issues with the debt. Bank foreclosed, he countersued, bank won and ended up getting the right to sell it at Sheriff Sale to clear the title. That sale has not occurred yet to my knowledge. Saban was involved as investor and I think still owns part of that water chiller/tower? It has all been tied up legally for quite some time. Bank is debtor is possession and is able to continue to manage the property for all of the tenants in the development, so everything is still open and running normally.
Posted on 12/12/13 at 8:01 am to GeeOH
quote:
can someone shed light on this? what went south? Perkins Rowe sure looks successful to me. how is it so much in debt?
The guy who developed the whole thing basically did it on a credit card and defaulted on the load afterwards. The area itself is successful, but the guy who did it isnt.
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