Harbor Custom Development, Inc., a real estate development company based in Tacoma, has recently filed for Chapter 11 bankruptcy protection. The firm is well-known for its multifamily housing developments in the Pacific Northwest and other regions across the country.
The bankruptcy was officially filed in the Western District of Washington at Tacoma. According to a statement released by Harbor Custom, they have also submitted motions that will allow them to continue their business operations while preparing a Plan of Reorganization aimed at maximizing value for their creditors.
Despite this setback, Harbor Custom will still be actively marketing and selling finished lots and homes as well as operating multi-family projects with an aim towards stabilization. Interim CEO Jeff Habersetzer stated that filing for Chapter 11 protection will give them time and space to market their real estate assets effectively while also streamlining operations to benefit both creditors and stakeholders.
This recent development marks another hurdle faced by Harbor Custom but it remains determined to navigate through this challenging period with resilience.
