Harbor Custom Development, Inc., a commercial real estate developer based in Tacoma, has announced its intention to wind down operations and liquidate all assets through an approved Chapter 11 Plan. The company, known for its multifamily housing developments in the Pacific Northwest and other regions of the country, filed for bankruptcy protection last year.
To manage the sale of its multi-family real estate portfolio, Harbor has enlisted Keen-Summit Capital Partners LLC , a New York-based brokerage and investment banking firm. According to Shelly Crocker, Harbor’s chief restructuring officer,”Our decision to partner with Keen-Summit is a strategic move towards maximizing value on our multi-family portfolio under a Chapter 11 Plan.”
The portfolio includes four projects: Belfair View Apartments,Bridgeview Trail Apartments,Meadowscape Apartments,and Pacific Ridge Apartments.Harbor plans to sell off remaining assets in Washington state as well as California , Florida,and Texas.The company will also be putting their holdings near Semiahmoo,Washington up for sale.
This announcement marks Harbor’s plan for liquidation without any mention of “Connect” or “Connect CRE” or “Connect LA” or “Connect Texas”.
