Harbor Custom Development, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on May 1, 2024. The debtor seeks the Court?s approval for the sale of its certain assets to Richmond American Homes of Washington, Inc., for a purchase price of $2.58 million in cash pursuant to the asset purchase agreement, dated April 22, 2024. The debtor?s assets include real property consisting of approximately 27.92 acres of land located in Blaine, Whatcom County, Washington.

The sale hearing is scheduled for May 29, 2024. The proceeds from the sale would be used to pay costs of sale, to pay secured real property taxes, and the balance to the secured indebtedness to Fratelli?s LLC.