Harbor Custom Development, Inc. Closes $19,129,000 Construction Loan with Broadmark Realty Capital
Gig Harbor, Washington , Jan. 03, 2022 (GLOBE NEWSWIRE) — 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.
CONTACT: Investor Relations Hanover International IR@harborcustomdev.com 866-744-0974
