Harbor Custom Development, Inc. Enters Preliminary Commitment with Marquee Funding Group for $15,715,000 Construction Loan
January 27 2022 - 8:30AM
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
and market leading real estate company involved in all aspects of
the land development cycle, today announced that it has entered
into a preliminary commitment for $15,715,000 in construction
financing with Marquee Funding Group for the 75 unit Wyndstone
apartment complex located in Yelm, Washington.
Yelm is conveniently located only 22 miles from
Washington State's capital of Olympia to the south and 24 miles to
Join Base Lewis - McChord. Joint Base Lewis-McChord is a major US
military installation with an active population of nearly 210,000
inhabitants, making it the fourth largest military installment
worldwide by population. Wyndstone is ideally suited to cater to
military personnel and their families. Residents will enjoy rural
style living while having easy access to shopping, retail services,
and schools.
“We are pleased to enter into this agreement
with Marquee Funding Group, who has been a valued and dependable
lender for several of our projects over the past 12 months," stated
Jeff Habersetzer, Chief Operating Officer for Harbor Custom
Development, Inc. “The Wyndstone 75-unit apartment project
had been previously considered for condominiums catering to first
time homebuyers. However, rapidly changing market conditions over
the past 12 months that have resulted in capitalization rates
dropping to historic lows in Western Washington while accompanied
with significant increases in rental rates have shifted the value
proposition. It is our objective to complete construction of
Wyndstone in 2022 and sell the project upon completion. If current
market conditions remain constant, we anticipate generating
approximately $26 million from the sale of the project,” stated
Sterling Griffin, President and Chief Executive Officer of Harbor
Custom Development, Inc. The non - binding preliminary commitment
with Marquee Funding Group is subject to final underwriting and
there can be no assurance as to whether, when, or on what terms the
loan will be completed.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home building, marketing, sales, and
management of various residential projects in Western Washington's
Puget Sound region; Sacramento, California; Austin, Texas and Punta
Gorda, Florida. As a land developer and builder of apartments,
condominiums, single-family homes and luxury homes, Harbor Custom
Development’s business strategy is to acquire and develop land
strategically based on an understanding of population growth
patterns, entitlement restrictions, infrastructure development, and
geo-economic forces. Harbor focuses on acquiring land with scenic
views to develop and sell residential lots, new home communities,
and multi-story condominium and apartment properties within a 20 to
60-minute commute of the nation’s fastest-growing metro employment
corridors. Harbor is leading the real estate industry as the first
national land developer and home builder accepting offering payment
in the form of cryptocurrency for its listed land, developed lots,
residential homes, condominiums, and apartments. For more
information on Harbor Custom Development, Inc., please visit
www.harborcustomdev.com.
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,”
“should,” “believe,” “expect,” “anticipate,” “estimate,”
“continue,” “predict,” “forecast,” “project,” “plan,” “intend” or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions. While the Company believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties,
including without limitation those set forth in the Company’s
filings with the Securities and Exchange Commission. Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974
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