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Harbor Custom Development Files for Chapter 11 Bankruptcy
Tacoma-based real estate development company Harbor Custom Development, Inc., has filed for Chapter 11 bankruptcy protection. The company is known for multifamily housing development in the Pacific Northwest region and other parts of the country.
The bankruptcy was filed in the Western District of Washington at Tacoma. In a statement, the firm said it had filed motions “that will allow it to continue operating in the ordinary course of business while it prepares a Plan of Reorganization to ensure that it can maximize value for the benefit of its creditors.”
The company will continue to market and sell finished lots and homes and operate multifamily projects as it works towards stabilization. Jeff Habersetzer, Interim CEO of Harbor Custom, stated, “The Chapter 11 cases will provide the Company with time and breathing room needed to market and sell its real estate assets and right-size operations for the benefit of the company’s creditors and stakeholders.”
