Hartford county developer, Clark Turner Homes LLC, filed for voluntary chapter 7 bankruptcy according to The Baltimore Business Journal's Rick Seltzer. The developer listed liabilities between $1 million and $10 million in a Nov. 12 filing in U.S. Bankruptcy Court for the District of Maryland.
Clark Turner homes was poised to make gains from the Aberdeen Proving Ground due to the military's Base Realignment and Closure program, but things did not go as planned:
But the mortgage crisis made buyers rethink closing in 2008, and the company faced challenges finding financing as bank lending dried up. It pursued other financing sources, including private investors, as it sought funding for The Trails at Beech Creek, a $90 million, 768-home development on the site of the former Beechtree Golf Course in Aberdeen.
Head over to bizjournals.com to learn more about Clark Turner Homes filing for bankruptcy: