Harbor Custom Development, Inc. Announces the Completion of New Senior Secured Revolving Credit Facility of $25 Million
March 09 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 the closing of a senior
secured revolving credit facility (the “Revolving Facility”) with
BankUnited, Inc. The facility will provide the Company with a $25
million capacity over a two-year term.
“The closing of this $25 million facility
provides the Company with additional liquidity and financial
flexibility to pursue further growth initiatives,” said Sterling
Griffin, Harbor Custom Development’s Chief Executive Officer. “We
remain committed to strengthening our current market position and
expect that the completion of this facility will assist in the
acceleration of our growth and market reach.”
“We are excited to offer this relationship
capability and capital solution to fuel Harbor’s growth plans,”
said Ben Stacks, BankUnited’s Executive Vice President and Head of
Commercial Real Estate.
Piper Sandler served as Harbor’s exclusive
financial advisor. The Facility has a rate of SOFR plus
4.75%. The funds will provide the company additional resources to
support general working capital requirements and general corporate
purposes, including real estate equity investments.
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 metropolitan
employment corridors. Harbor is leading the real estate industry as
the first national land developer and home builder accepting
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.
About BankUnited
BankUnited, Inc. (NYSE: BKU), with total
assets of $35.8 billion at December 31, 2021 is
the bank holding company of BankUnited, N.A., a national bank
headquartered in Miami Lakes, Florida that provides a
full range of banking and related services to individual and
corporate customers through banking centers located in the state
of Florida and in the New York metropolitan
area. BankUnited also offers certain commercial lending and deposit
products through national platforms. For additional information,
call (877) 779-2265 or visit www.BankUnited.com BankUnited can
be found on Facebook
at facebook.com/BankUnited.Official and on
Twitter @BankUnited.
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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