Harbor Custom Development, Inc. Closes $19,129,000 Construction Loan with Broadmark Realty Capital
January 03 2022 - 8:00AM
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 closed a
$19,129,000 construction loan with Broadmark Realty Capital for the
126 unit first phase of Harbor’s 228 unit Olympic Sunset View
Apartment project in Belfair, Washington.
Located in North Mason County, Washington the
228-unit garden style apartment complex currently under
construction, is conveniently situated adjacent to highway SR 3 and
provides views of Puget Sound and the Olympic Mountains. Belfair is
approximately a 15-minute drive to downtown Bremerton, the Seattle
ferry, and the Kitsap Naval Base, a major contributor to a robust
defense economy with approximately 40,000 employees tied to the
military and defense industry in the area. Residents of the Olympic
Sunset View Apartments will enjoy easy access to outdoor recreation
highlighted by Belfair State Park a convenient 5-minute drive from
the project offering year-round camping on 3,720 feet of saltwater
shoreline at the southern end of Hood Canal
https://parks.state.wa.us/475/Belfair.
“Closing of this multi-family construction loan
is a major milestone for Harbor. It is our largest apartment
project to date and will set the bar for several other planned
multi-family projects in our inventory that are under construction
or in the permitting phase. We anticipate that the sale of
multi-family properties will be a major source of revenue for the
company over the next several years and are estimating that if
existing market conditions remain constant the initial 126-unit
first phase of the Olympic Sunset View project alone will generate
approximately $37 million in revenue.” stated Sterling Griffin,
President and Chief Executive Officer of Harbor Custom Homes.
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. Harbor has active or recently sold-out residential
communities in Gig Harbor, Bremerton, Silverdale, Bainbridge
Island, Belfair, Allyn, Port Orchard, Lacey, Burien, Yelm, and
Blaine in the state of Washington. In addition, Harbor has acquired
land and will begin constructing homes in three 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.
The Company recently acquired property in Punta Gorda, Florida, and
plans to begin construction of oceanfront condominiums there in
2022. 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 Broadmark Realty
Capital
Broadmark Realty Capital Inc. (NYSE: BRMK) is an
internally managed commercial real estate finance company that
offers short-term, first deed of trust loans secured by real estate
to fund the acquisition, renovation, rehabilitation, or development
of residential or commercial properties. Broadmark Realty Capital
manages and services its loan portfolio across a variety of market
conditions and economic cycles.
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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