Harbor Custom Development, Inc. Signs Term Sheets for Credit Facilities Totaling $158,400,000 with US Capital Global
July 29 2021 - 9:30AM
Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,”
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 entered into term sheets with US
Capital Global for credit facilities totaling $158,400,000 to
provide construction financing on three Western Washington
condominium projects and one in Southwest Florida.
“We are delighted to enter into a relationship
with US Capital Global which has the ability to provide us
construction financing on a national scale. US Capital Global
fills a key role by offering a one stop shop for our land
development and vertical construction financing needs,” stated
Sterling Griffin, President and CEO of Harbor Custom Homes. “Our
business partners at Corporate Capital Solutions were instrumental
in formalizing this new relationship with US Capital Global,”
stated Jeff Habersetzer, Chief Operating Officer at 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 building, marketing, sales, and
management of various residential projects in Western Washington’s
Puget Sound region; Sacramento, California; and Austin, Texas.
Harbor has active or recently sold-out residential communities in
Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in
the state of Washington. In addition, Harbor has acquired land and
will begin constructing homes in two new markets. In the Sacramento
metro market, Harbor will be constructing homes in completed
subdivisions in both Rocklin and Auburn, California. In the Austin
metro market, Harbor has acquired developed lot inventory in
Dripping Springs, Driftwood, and Horseshoe Bay, Texas. 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 US Capital Global
Established in 1998, US Capital Global leverages the latest
FinTech and RegTech innovation to provide sophisticated debt,
equity, and investment products to lower middle market companies
and investors. The US Capital Global group manages direct
investment funds and provides wealth management and capital raise
services through its affiliates, including US Capital Global
Investment Management LLC, US Capital Global Wealth Management LLC,
and its FINRA-registered broker-dealer, US Capital Global
Securities LLC. The group collaborates closely with its peers in
professional banking and investment advisory. For more information
on US Capital Global, please visit www.uscapglobal.com or contact
Kristie Bender-Carey, Partner and Managing Director, Finance and
Commercial Real Estate, by email to kbender@uscapglobal.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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