Monday, October 22, 2018
Harbor Hill at Provincetown Timeshare Resort Sale Complete
Source: Press ReleaseBy David Levy, Vice President, NRC Realty & Capital Advisors
CHICAGO, IL [October 22, 2018] – Twenty-six condominiums in the Harbor Hill at Provincetown Resort in Provincetown, Massachusetts have been sold as a bulk sale. The former timeshare 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 nrc.com
David Levy, Vice President