Harbor Hill At Provincetown Bulk Condo Auction Announced
PROVINCETOWN, Mass., Dec. 5, 2016 /PRNewswire/ -- Twenty-six condominiums in the Harbor Hill at Provincetown Resort in Provincetown, Massachusetts are slated to go on the block as a bulk offering on February 14, 2017. 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 is 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. NRC Realty & Capital Advisors of MA, LLC (NRC) has been retained to conduct the auction.
"I assessed a variety of options for creating the greatest chance of a recovery for the interval owners," Agin explained. "Ultimately, based on a review of the final situation by myself and my financial advisory team, plus a survey of the owners, I concluded the property should be sold by auction to ensure transparency and valuation certainty."
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. The units were originally designed for use as vacation timeshare units. Parking for 27 cars is available on-site. Interested parties should call NRC at 800-747-3342, extension 1624 to register to view the property.
"This sale presents an extremely rare opportunity for investors or re-developers to purchase a project of this type in this iconic town," commented Evan Gladstone, NRC's Executive Managing Director. "The Harbor Hills at Provincetown Resort is a short walk to the vibrant Commercial Street shopping, dining, nightlife district, and beach," he said. "The upside here is enormous."
The Sale Procedures, which have been filed with the court and are posted online, require interested buyers to make an initial sealed-bid offer on a form contract, to be provided by the Trustee. Bids must be received by NRC, along with a bid deposit of $150,000, by February 14, 2017, and the U.S. Bankruptcy Court is expected to supervise a final auction following the bid deadline. All bids are subject to the terms and conditions of sale outlined in the Sale Procedures and are subject to final approval by the bankruptcy court. Buyers and brokers can get more information by visiting the NRC website, www.nrc.com/1624. Due diligence information will be available for download from the NRC website. A cooperating broker commission of 1.25% is being offered. 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. Visit www.nrc.com.
Media contact: Tracey Suppo at 312-278-6810 or [email protected]
SOURCE NRC Realty & Capital Advisors, LLC
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