Harbor Custom Development, Inc. Enters Preliminary Commitment with Washington Federal Bank for $29,750,000 Construction Loan
February 22 2022 - 9:00AM
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 $29,750,000 in construction
financing with WaFd Bank for the 177 unit Tanglewilde apartment
complex located in Lacey, Washington.
The 177-unit apartment complex is ideally
located for tenants employed at Washington State’s Capitol in
Olympia or military personnel commuting to Joint Base
Lewis-McChord. JBLM is a major U.S. military installation with
nearly 210,000 inhabitants, making it the fourth largest military
installment worldwide by population.
“We are excited to continue our construction
lending relationship with WaFd Bank, the largest multi-family
apartment lender in Washington State and our primary bank lender,"
stated Lance Brown, Chief Financial Officer for Harbor.
Olivia Doyle, Commercial Relationship Manager at
WaFd Bank added, “As Harbor’s core bank since 2020, it is a natural
progression to finance the Tanglewilde multi-family construction
project for them, especially in Thurston County – a submarket that
WaFd has been active in for several decades.”
Sterling Griffin, President and CEO of Harbor
further commented, “The Tanglewilde apartment project had been
previously considered for condominiums catering to first-time
homebuyers. The rapidly changing market conditions over the past 12
months resulting in capitalization rates dropping to historic lows
in Western Washington accompanied with significant increases in
rental rates have shifted the value proposition. Our goal is
to complete construction of the Tanglewilde apartment complex in
2023 and sell the project upon completion.” The non-binding
preliminary commitment with WaFd Bank 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 WaFd BankWashington Federal, Inc.
is the parent company of Washington Federal Bank ("WaFd Bank"), a
national bank that operates over 200 branches in Washington,
Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico.
Established in 1917, the bank provides consumer and commercial
deposit accounts, financing for small to middle market businesses,
commercial real estate and residential real estate, including
consumer mortgages, home equity lines of credit and insurance
products through a subsidiary. As of December 31, 2021, the
Company reported $20.0 billion in assets. For further information
about WaFd Bank, please visit www.wafdbank.com
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 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.
Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974
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