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HARLEYSVILLE PA – TH Properties (THP), a Harleysville-based builder that until recently was marketing new home construction in a dozen different communities – including Pottstown, Gilbertsville, Royersford, Harleysville, Pennsburg, Macungie, Souderton and Skippack PA, and parts of New Jersey – has suspended its operations and hopes to restructure its business.
THP's Kingston Hill sales center on North Charlotte Street.
THP's window sign announcement, slightly obscured by reflective glass.
A sign found taped Tuesday evening (April 21, 2009) to the window of THP’s sales center at its Kingston Hill development, the company’s project closest to Lower Pottsgrove (PA) Township, confirmed the substance of a news article published online earlier in the day by The (Lansdale PA) Reporter newspaper.
Kingston Hill is located on the east side of North Charlotte Street (PA Route 663) just north of Bleim Road. The sign in the window of its Victoria model home there, which doubles as a sales center, announced the company’s unhappy news:
“T.H. Properties, a Harleysville, PA, based developer and home builder, has temporarily suspended its operations and is actively exploring options to restructure its business operations. Like other homebuilders across the country, the recession and the collapse of the housing market have had a negative impact on the company’s operations. The company remains committed to an orderly restructuring of its obligations in order to continue its construction and development efforts throughout the region. T.H. Properties would like to thank its loyal vendors, valued employees, existing and prospective homeowners, and the communities with which it has been operating during this difficult period.”
Neither the THP website or its Twitter account, both of which were checked Tuesday at 3:30 p.m., alluded to any problems at the company or made any mention of a business suspension. However, “employees were seen moving office items out of the THP design center” in Harleysville Tuesday afternoon, The Reporter said, and paper covered the windows. (See Editor’s Addendum at bottom).
The company was sued last month by a major lender, Wachovia Bank. The bank is seeking to recover $19.7 million in three separate lawsuits filed against THP and company principals and brothers Todd and Timothy Hendricks.
Financial problems within THP will only heighten the angst felt by some home owners who bought into its developments.
One complained Monday on a public comment website of “dumpsters overflowing, garbage flying around, muddy streets, over flowing storm sewers, (and) no street lights” at the company’s Biltmore Estate project in Skippack PA. Another, writing April 10 at the same website, predicted “we here at Biltmore are convinced it is only a matter of time before THP is out. They stopped all construction, they stopped cleaning the construction areas, they are not servicing the residents.”
Editor’s Addendum: As of Tuesday at 9:30 p.m., the bottom right corner of the THP website home page included an announcement about the suspension, identical to one posted in the Kingston Hill sales center window.
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THP employees that have been jilted, visit Pennsylvania Labor & Industry website “Wage Payment and Collection Law” and file complaint for not being paid. It is against the law with severe penalties including up to 90 days jail time per occurence. http://www.dli.state.pa.us/landi/cwp/view.asp?a=142&q=201211&landiPNavCtr=
Rumor has it Haines & Kibblehouse is looking to purchase a builder and may acquire THP.
I need suggestions to recover monies owed to me and my wife in the amount of $5,000. We have an agreement of sale release signed but no money has been returned as of yet and now this. Thoughts?
Does anyone know who THP’s attorneys are?
We have an agreement on a home in Northgate and the foundation is poured! I had an apointment with the cabinet vendor and that is how I found out from the cabinet vendor. I’m so disappointed. That is the first question I asked Cyndi before we signed the agreement is THP in financial trouble…oh no she said this is there “bread winner” development they gave the Township money to put a new sewer system in and for the schools to build on. I was just there on Saturday 4/18/09 picking out my options and I gave them another check. When I found out on Tuesday 4/21 from the cabinet vendor I stopped payment on the check. My husband and I were so excited about moving in we met some of our neighbors. We are just so heartbroken!! We thought we were purchasing our dream home. I grew up with nothing raised in a trailer and I just want to give my son that is 12 months old, a home that I have dreamed about living in! Does anyone know how or when we are either getting our deposit back ????? You can contact me at aschuler08@gmail.com
It is confirmed that these are indeed THP lawyers.. Well, at least one – but it’s on the other side of the fence (a debtor)
Rosetta B. Packer
McCarter & English, LLP
BNY Mellon Center
1735 Market Street, Suite 700
Philadelphia, PA 19103
Phone: (215) 979-3840
Fax: (215) 988-4320
Shahan G. Teberian
Klehr, Harrison, Harvey, Branzburg & Ellers LLP
Partner
Philadelphia Office
260 South Broad Street
Philadelphia, PA 19102-5003
215.569.1495 phone
215.568.6603 fax
steberian@klehr.com