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Bankruptcy Trustee Ordered Sale
Harbor Hill at Provincetown Resort | 26 Condo Units – Bulk Sale
Deadline: March 29, 2017
|Call for Overbids|
|The bankruptcy court has approved an offer on the property for $8,101,620, subject to overbidding of at least $8,150,000. The court seeks counter offers or objections by March 29, 2017 at 4:30 PM. Counter offers and objections must be filed with the Clerk, U.S. Bankruptcy Court at 5 Post Office Square, Suite 1150, Boston, MA 02109. Counter offers may not contain any materially different terms from the approved Purchase and Sale Agreement, a copy of which is provided in the Bid Packet available for download on the Case Filings page above, along with the Second Amended Sale Motion and Notice of Sale. A copy of the counter offer, Bidder Qualification Form, and a deposit of 5% of the counter offer, in the form of a certified check or bank check payable to Warren, E. Agin, Chapter 7 Trustee or wire transfer, must also be submitted to the Trustee, Warren E. Agin, by this same time and date. The address for the Trustee is Warren Agin, Swiggart & Agin, LLC, 197 Portland Street, 4th Floor, Boston, MA 02114. See additional detail on the Overbid Submission Info page above. Interested parties are encouraged to closely review the Second Amended Sale Motion and Notice of sale.|
|The Harbor Hill at Provincetown resort spans approximately 1.2-acres and is comprised of 26 one, two, and a three-bedroom condominiums spread across four, two or three-story wood frame, wood shingle buildings. The units were originally designed for use as vacation timeshare units and are complete with private baths, full kitchen, fireplace and a washer/dryer. Parking for approximately 27 cars is available on-site. The property is located in the West End section of Provincetown, a casual walk to the vibrant Commercial Street shopping, dining and nightlife district, Herring Cove Beach, and the Wood End Lighthouse.
The resort ceased operations on August 30, 2016, when the operating entity, Harbor Hill at Provincetown Condominium Trust, filed for Chapter 7 bankruptcy. Subject to court approval, the appointed bankruptcy Trustee is now seeking to the sell the property in its entirety to a single buyer, creating a rare buying opportunity in this iconic destination at the tip of Cape Cod, Massachusetts. |
The property has been winterized, including draining the hot tubs, blowing out the irrigation system, and shutting off most of the electric systems. As part of that process, the Department of Public Works replaced the connection boxes for the water system.
The purchaser may elect to enter into a lease of the property from the effective date of the Purchase and Sale Agreement through closing. Additionally, the purchaser may elect to have their contact information, plus information about lease and purchase opportunities, provided to the current interval owners at the purchaser’s expense. See detail around both of these offers in the Purchase and Sale Agreement (sections 1.2 and 6.4) contained in the Bid Packet.
No septic system report will be provided. The Purchaser shall be responsible for compliance with Title 5 of the Massachusetts State Environmental Code (see section 7.7 of the Purchase and Sale Agreement in the Bid Packet).
|Provincetown, part of Barnstable County, is a small coastal resort town with a year-round population of just under 3,000 people with increases during the late-spring and early-fall shoulder seasons and surges to a peak of 60,000 people during the summer high-season. Often called “P-town,” the town is known for its beaches, harbor, artist and tourist industries.|
|Chapter 7 Bankruptcy|
|Warren E. Agin, in his capacity as Chapter 7 Trustee, has engaged NRC as the sales agent for the property. If you would like to obtain additional information about the property and sale process, please register for the sale by clicking “Need to sign up?” below or logging into your NRC account. |
Case Information: 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.
|Broker Co-Op||1.25% - Terms and conditions apply and registration required. Download Cooperating Broker Registration Form here.|
|Broker of Record||NRC Realty & Capital Advisors of MA, LLC, License #10161|