Harbor Hill at Provincetown Bulk Condo Sale Complete

PROVINCETOWN, MA [September 4, 2018] – Twenty-six condominiums in the Harbor Hill at Provincetown Resort in Provincetown, Massachusetts were sold as a bulk sale on September 4, 2018.  The resort ceased operations on August 30, 2016, when the operating entity, Harbor Hill at Provincetown Condominium Trust, filed for Chapter 7 bankruptcy. Warren E. Agin was appointed as the bankruptcy Trustee and oversaw both the termination of the resort timeshare program and sale of property in its entirety to a single buyer, The Town of Provincetown through its Provincetown Year-Round Market Rate Rental Housing Trust.  NRC Realty & Capital Advisors, LLC (NRC) served as the marketing and sale agent and assisted the Trustee during the timeshare termination process.

 

The property sits on a 1.2-acre site and is comprised of twenty-six one, two, and three-bedroom condominiums spread across four, two or three-story wood frame, wood shingle buildings. Parking for approximately 27 cars is available on-site.  The property is expected to become workforce housing rentals given a shortage in the market.

 

“It has been a pleasure to serve the owners, Trustee, and courts throughout this lengthy process.  We appreciate the interest of Provincetown and all of the bidders who tendered offers. Additionally, we would to thank the owners for their cooperation during the timeshare termination process, which was complex and required a lot of coordination among all parties.” Commented David Levy, NRC’s Vice President who managed the sale and timeshare termination process. “The events leading to the bankruptcy were unfortunate, but we are pleased that owners will receive a recovery and the property will be repositioned in a way that helps this iconic community.”

 

“Bankruptcy provided a venue for the owner’s association board to pursue an orderly wind down of this timeshare resort, which was plagued by mismanagement and alleged fraud, which led to deferred maintenance and other financial challenges.” Levy continued.  “The forum enabled for a Trustee to be appointed who could work to maximize the recovery for the owners through a court-supervised sale, which ensured transparency, value certainly, and that clear titled would be delivered at closing.”

 

The complete case information is, “In re Harbor Hill at Provincetown Condominium Trust, case no. 16-13349-JNF, U.S. Bankruptcy Court for the District of Massachusetts, Judge Joan N. Feeney.”

 

NRC Realty & Capital Advisors, LLC specializes in the accelerated sale of commercial and residential real estate nationwide. Since its inception in 1989, NRC has sold more than 15,000 properties through bankruptcies and receiverships as well as for a variety of corporate clients and lenders. For more information, visit www.nrc.com

 

Contact:

David Levy

NRC Realty & Capital Advisors

312-278-6870

david.levy@nrc.com

ResortTrades

Recent Posts

Key Highlights from Day 2 of ARDA Leadership & Policy Forum

The second day of the ARDA (American Resort Development Association) Leadership & Policy Forum proved…

1 week ago

Are You a Great Salesperson?

More sales mean higher revenues for any business. And people with certain characteristics tend to…

1 week ago

ResortCom Amplifies Giving with Employee-Driven Charity Giveback Program

ResortCom, a leading provider of timeshare management software, financial services, and call center solutions to…

1 week ago

How to Exit a Timeshare if a Developer Cannot Take Back Your Product

Nearly 10 million U.S. households own timeshare products that allow them to travel the world…

2 weeks ago

Vacatia-Managed Resorts to Reopen after Hurricanes Helene and Milton

Vacatia Inc., a leading provider of innovative, customer-centric solutions for timeshare resorts, has announced that…

2 weeks ago

MobiusVP Celebrates Twenty Five Years of Innovation

Mobius Vendor Partners is celebrating its Twenty-Fifth  Anniversary of business. The well-known business process design,…

2 weeks ago