Harbor Custom Development, Inc., a commercial real estate developer based in Tacoma, has announced its intention to liquidate all assets through an approved Chapter 11 Plan. The company, known for its multifamily housing projects 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 partnered with Keen-Summit Capital Partners LLC. This New York-based firm specializes in real estate brokerage and investment banking. According to Shelly Crocker, Harbor’s chief restructuring officer,”Our decision to work with Keen-Summit is a strategic move towards maximizing value on our multi-family portfolio under a Chapter 11 Plan.”
The four properties included in this portfolio are Belfair View Apartments,Bridgeview Trail Apartments,Meadowscape Apartments,and Pacific Ridge Apartments.Harbor also plans to sell off remaining assets located in Washington,Calfornia,and Florida as well as those near Semiahmoo,Washingon.
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