Harbor Custom Development, Inc. Secures $11 Million in Construction Funding from Sound Capital
October 06 2020 - 08:00AM
Harbor Custom Development, Inc. (“Harbor” or the “Company”),
(NASDAQ:HCDI), an innovative and market leading real estate company
involved in all aspects of the land development cycle, today
announced that it has secured $11 million in construction financing
from Sound Capital to commence single family home construction on
25 lots at Soundview Estates, a 240 lot subdivision located in
Bremerton, Washington.
Harbor had completed the infrastructure
improvements for phases 1 and 2 totaling 61 lots at Soundview
Estates in December 2019 and subsequently sold those developed lots
to the Lennar Corporation which is currently building homes on the
acquired property. Harbor has developed an additional 104
lots in Phases 3 and 5 that are under contract with a national
public builder with scheduled closings in the fourth quarter of
2020. Harbor anticipates commencing construction on the 25 phase 4
lots in November.
Soundview Estates is a ten-minute drive to the
Kitsap Naval Shipyard and the Seattle Ferry and offers spectacular
views of Puget Sound, the Seattle Skyline, Mt. Rainier, Mt. Baker,
and the Olympic Mountains.
Soundview Estates can be seen at:
https://vimeo.com/453127877
Sterling Griffin, President and CEO of Harbor
stated, “We are excited to have secured this financing to build
upscale single-family homes in the Soundview Estates
Community. Harbor’s relationship with Sound Capital has
proven to be mutually beneficial in the past, financing other area
developments such as Valley View Estates, Settler’s Field, and
Lakeland Village. Sound Capital has shown they understand
Harbor’s vision and logic in addressing the current market
opportunities and conditions that exist in and around Bremerton,
and Kitsap County in general. We thank David Huey and his
team for demonstrating their confidence in our Company.”
David Huey, CEO of Sound Capital Loans stated,
“We are pleased to enter into this agreement with Harbor Custom
Development to finance the construction of 25 lots at Soundview
Estates. We welcome the opportunity to be a part of Harbor’s
growth and believe that Soundview Estates represents a great
investment for Sound Capital and wonderful addition to Harbor’s
growing portfolio. Sterling Griffin and all of Harbor’s team have a
deep understanding of developing value throughout the entire
purchase and building process as evidenced by the numerous
communities they have constructed throughout the Puget Sound area
and we are excited to be an integral part of their success.”
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. Harbor has active or recently sold out
residential communities in Gig Harbor, Bremerton, Silverdale,
Bainbridge Island, and Allyn in the state of Washington.
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 real
estate within target markets with convenient access to metropolitan
areas that are generally characterized by diverse economic and
employment bases and increasing populations. For more
information on Harbor Custom Development, Inc., please visit
www.harborcustomdev.com.
About Sound Capital
Founded in 2007, Sound Capital (formerly Sound
Equity) has raised hundreds of millions in investment capital to
fund loans throughout various West Coast and Southern U.S.
markets. Today, they lend tens of millions per month,
financing all types of new construction projects, including
ground-up and construction-completion loans. Sound
Capital’s vast knowledge of new construction lending provides for
the flexibility of a customized loan structure based on a specific
project’s characteristics. With lending standards that
prioritize experience and track record, high volume borrowers have
access to rates and terms that are among the industry’s best.
For more information, visit www.soundcapital.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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