Gig Harbor, Washington , Jan. 27, 2022 (GLOBE NEWSWIRE) -- 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.
