Boathouse Bar and Grill Faces Foreclosure as Debt Reaches Nearly $4 Million

BELMAR, NJ –As originally reported by TAPinto yesterday , The Boathouse Bar and Grill, once a favored destination, is facing foreclosure. First Platinum Capital Corp. has secured a Final Judgment for Foreclosure against the establishment as well as a residential property owned by co-owner Matt Harmon in Sea Girt, in an effort to collect on a substantial debt.

The debt owed by brothers Tim Harmon and Matt Harmon has ballooned to $3,997,945.21, stemming from a Secured Promissory Note dated May 13, 2022. Due to lack of payments, the original amount of $3,250,000 has significantly increased over the past two years, now bearing a default interest rate of 24%.

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The foreclosure encompasses several properties: 1307 Main Street, 1309 Main Street, and 700 Fifteenth Avenue in Belmar, along with 712 Philadelphia Boulevard in Sea Girt.

Two Dawgs Inc., a New Jersey corporation owned by the Harmons, which holds the liquor license for The Boathouse, will be liquidated to pay a portion of the outstanding debt. Although New Jersey law prohibits using a liquor license as collateral, the value of a corporation like Two Dawgs can be leveraged. Upon default, the corporation and its assets, including the liquor license, transfer to the creditor.

The future of the liquor license and other assets of Two Dawgs remains uncertain. First Platinum Capital Corp. has the option to auction them to the highest bidder or negotiate a private sale. While an auction might yield higher proceeds, a private sale could expedite the process.

The Final Judgment instructs the Monmouth County Sheriff to sell all listed properties to recover as much of the debt as possible for the creditors. First Platinum Capital is represented by Dennis Uhlmann, Jr., Esq., with no attorney listed for the Harmons in the court paperwork.

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The Boathouse, under the Harmons' ownership for over 20 years, has seen a decline in business in recent years, contributing to the current financial predicament. The foreclosure involving the liquor license marks the final chapter in the establishment’s long history.

As the community watches the unfolding events, the fate of The Boathouse and its assets will soon be determined by the actions of First Platinum Capital Corp. and the Monmouth County Sheriff's Office.

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