Harbor Custom Development, Inc. filed a notice for the selection of Successful Bidder in the US Bankruptcy Court for the sale of its certain assets on June 27, 2024. As a result of the auction conducted on June 20, 2024, Glencrest Lacey Executive Board, LLC for Meadowscape Property, Kaufman Real Estate, LLC for Belfair Property, Sound Equity High Income Debt Fund, LLC for Pacific Ridge, and Benaroya Holdings LLC for Bridgeview have been selected as the winning bidders for the sale of debtor?s certain assets. The debtor?s assets include Meadowscape Property, Belfair Property, Pacific Ridge, and Bridgeview.

As per the agreement dated June 27, 2024, seeks the Court?s approval for the sale of its certain assets to Glencrest Lacey Executive Board, LLC, the winning bidder, for a purchase price of $41.84 million out of which $40 million is paid in cash and $1.84 million of assumed liabilities. The debtor?s assets include Meadowscape Property. Under the terms of the asset purchase agreement, the buyer shall make an earnest money deposit of $1 million upon the execution of the agreement.

The transaction is expected to close on July 16, 2024. The buyer is represented by Andrew Kirsh of Sklar Kirsh LLP as its legal advisor and the debtor is represented by John Rizzardi of Cairncross & Hempelmann as its legal advisor. As per the agreement dated June 20, 2024, seeks the Court?s approval for the sale of its certain assets to Kaufman Real Estate, LLC, the winning bidder, for a purchase price of $28 million in cash.

The debtor?s assets include Belfair Property. Under the terms of the asset purchase agreement, the buyer shall make an earnest money deposit of $2.11 million upon the execution of the agreement. The transaction is expected to close on July 10, 2024.

The debtor is represented by John Rizzardi of Cairncross & Hempelmann as its legal advisor.