Harbor Custom Development, Inc. Announces Restructuring of Loan with Bank United
February 24 2023 - 8:30AM
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
real estate company involved in all aspects of the land development
cycle, today announced it has successfully restructured its loan
with Bank United.
“We have successfully amended our loan agreement
with Bank United providing for full compliance. We are now able to
address our current and future pipeline of multi-family projects,”
said Sterling Griffin, President and CEO of Harbor Custom
Development, Inc.
“Completing this process allows us to progress
confidently in pursuit of our business objectives and move forward
with project lenders and industry partners,” stated Lance Brown,
Chief Financial Officer of Harbor Custom Development, Inc.
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 and apartment building, marketing, and
sales 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 and
single-family 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 or convenient
access to freeways and public transportation to develop and sell
residential lots, new home communities, and multi-story apartment
properties within a 20 to 60-minute commute of the nation’s
fastest-growing metro employment corridors.
Forward-Looking StatementsCertain
statements in this press release constitute “forward-looking
statements” within the meaning of the federal securities laws.
Words such as “may,” “might,” “could,” “should,” “believe,”
“expect,” “anticipate,” “estimate,” “continue,” “predict,”
“forecast,” “project,” “plan,” “intend,” “potential,” and similar
expressions, and 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 RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
Harbor Custom Development (NASDAQ:HCDIZ)
Historical Stock Chart
From May 2024 to Jun 2024
Harbor Custom Development (NASDAQ:HCDIZ)
Historical Stock Chart
From Jun 2023 to Jun 2024