T.H. Properties
| Type | Private |
|---|---|
| Industry | Construction Real Estate |
| Founded | 1992 |
| Headquarters | United States |
| Products | New Homes |
| Revenue | $125 million USD (2008) |
| Employees | 25, est.(November 2011) |
| Website | www.thproperties.com |
T.H. Properties (THP) is a suburban Philadelphia-based builder with a corporate office located in Harleysville, PA.
The company was the 8th fastest growing builder in 2007 with a 13% increase in home closings and a 24% increase in annual revenue.[1] Inc. Magazine also ranked T.H. Properties as the 7th fastest growing U.S. company in 1997.[2] Builder Magazine ranked THP #78 on its Builder 100 list in 2008, which is based on the total number of settled homes in a specific year.[3] In 2009, THP had projected the closing of 350 units in 2009, down from 385 in 2008 and 501 in 2007.[4][5] On April 30, 2009, THP filed for Chapter 11 bankruptcy protection and is in the process of reorganizing.
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[edit] Company History
T.H. Properties is a family of fully integrated homebuilder and real estate service companies known collectively as "THP." The company is engaged in the acquisition, development, construction and sales of premier housing communities in southeastern Pennsylvania and New Jersey.
THP was founded by brothers Todd and Tim Hendricks in 1992 with the goal of creating affordable, quality new homes to first-time homebuyers and first-time "move-up" homebuyers. At its peak in 2005, THP delivered over 600 homes and generated over $170 million. It also controlled over 7,000 lots, and by 2007, was selling a variety of projects in 18 active communities. At the height of its operations, THP employed over 250 people in site infrastructure, construction, sales, customer service and administration.
It currently remains one of the largest privately owned homebuilders by volume in the Philadelphia area and in the Lehigh Valley, and is currently in Chapter 11 reorganization.
[edit] Philanthropy
T.H. Properties has gained attention for its involvement in various charitable activities, both on a local and international level. Grammy-nominated recording artist Sarah Kelly wrote the song Still Afraid for the company to bring attention to neglected children who live in the slums of Cairo, Egypt.[6] THP also sent several teams of employees to Biloxi, Mississippi, to assist in the clean-up effort after the area was devastated by Hurricane Katrina in 2005.[7] The company also sponsored many local events and charities.
[edit] List of Past and Present Projects
Active construction projects are in bold: - Acorn Avenue - Annandale - Arbor Court - Avalon - Beechwood - Belcourt - Bellevue - Belmont Estates Phase I and II - Berkshire Court Phase I and II - Berwind Estates - Bowen's Court - Brayton Gardens - Brenton Point Phase I, II and III - Brinley Court - Brookdale - Brownstone Mill - Burbank Grove - Biltmore Estates: http://www.biltmorethp.com/ - Barton Ridge - Castle Hill - Channing View - Claridon Court Phase I and II - Cliffside Manor - Coddington View: http://cvthp.com/ - Court at the Ledges - Crossways - Crosswinds Phase I and II - De La Salle - Edgehill - Elms - Emerald Hills - Enclave at Bowen's Court - Estates of Warwick - Everett Court - Fairlawn Court Phase I and II - Garden View - Greenvail Estates - Hammersmith Farm - Hawthorne Estates - Hearthstone Valley - Hunter Ridge Phase I and II - Kingscote - Kingston Hill Phase I & II - Monroe Court - Northgate: http://northgatethp.com/ - Orchard Hill - Orchard Ridge - Park Avenue - Prescott Farm - Preston Court - Providence Phase I and II - Regency Manor - Reserves at Annandale - Reserves at Fairlawn Court - Ridgeway Estates - Rosecliff Manor - Rosewood - Sherwood Village - Summerlea - Summerwind Phase II - The Ledges - Vernon Court - Village at Wynstone - Wayside - Wedgewood Place - Westport Farm - Whitehorne - Wickford Hunt Phase I and II - Wickham Place - Windmill Court - Whitfield Estates - Wyndham Phase I and II
[edit] Chapter 11 Bankruptcy Protection and Reorganization
In March 2009, Wachovia National Bank filed suit against THP, Tim Hendricks and Todd Hendricks to immediately recover $7.6 million.[8] Two other lenders filed suits shortly thereafter and also canceled THP's lines of credit.[9]
On April 30, 2009, the company filed for Chapter 11 Bankruptcy Protection in the United States District Court for the Eastern District of Pennsylvania in Philadelphia, PA. The combination of the Great Recession, severe slump in the housing market and the credit crisis forced THP to file for Chapter 11 as part of its ongoing efforts to reorganize its core business and restructure its lender obligations.
[edit] Status of Reorganization
By December 2010, THP was actively building in six communities and completed construction in five other communities. The company reached repayment agreements with most creditors and lenders. Several lenders are currently financing Biltmore Estates, Coddington View and Northgate .[10]
THP submitted its reorganization plan on November 2, 2011, and the plan was approved by Judge Steven Raslavich on January 19, 2012. The confirmation was filed with the court on January 20, 2012. The plan allows the company to use proceeds from several communities to repay its debt.[11]
[edit] See also
List of companies based in the Philadelphia area
[edit] References
- ^ Th Properties - 2007 - Builder 100 - Builder Magazine
- ^ T.H. Properties, inc5000 Article - Inc. Article
- ^ http://www.builderonline.com/builder100/2008.aspx
- ^ http://www.builderonline.com/debt/th-properties-abruptly-suspends-operations.aspx?rssLink=T.H.+Properties+Abruptly+Suspends+Operations
- ^ http://www.builderonline.com/builder100/2007/th-properties.aspx
- ^ http://www.jesusfreakhideout.com/lyrics/new/track.asp?track_id=7052
- ^ http://www.montgomerynews.com/articles/2009/04/22/springford_reporter_valley_item/news/doc49efcbb6317ec908089273.txt
- ^ http://www.thereporteronline.com/articles/2009/03/06/business/srv0000004844992.txt
- ^ http://www.builderonline.com/economic-conditions/chapter-11-reshapes-builders-emerging-from-it.aspx
- ^ http://www.thereporteronline.com/articles/2011/04/13/online/srv0000011394190.txt
- ^ http://www.phillyburbs.com/news/local/money/judge-approves-th-properties-long-awaited-reorganization-plan/article_24fbdf2d-acd6-5ee7-92a2-8a3457292fc0.html
