Harbor Custom Development Plans to Liquidate
Harbor Custom Development, Inc., a Tacoma-based commercial real estate developer, announced its plan to continue to wind down operations and voluntarily liquidate all of its assets through an approved Chapter 11 Plan. The company which is known for multifamily housing development in the Pacific Northwest region and other parts of the country, filed for Chapter 11 bankruptcy protection late last year.
Harbor has retained Keen-Summit Capital Partners LLC, a real estate brokerage and investment banking firm based in New York, to manage the sale of its multi-family real estate portfolio. “Our decision to partner with Keen-Summit is a strategic step towards maximizing value on our multi-family portfolio under a Chapter 11 Plan,” said Shelly Crocker, Harbor’s chief restructuring officer.
The multi-family portfolio consists of four projects, including the Belfair View Apartments, Bridgeview Trail Apartments, Meadowscape Apartments and Pacific Ridge Apartments. Harbor intends to sell its remaining assets in Washington, California, Florida, and Texas. The company’s holdings near Semiahmoo, Washington, will also be put on the market.
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