Harbor Custom Development, Inc. Enters Preliminary Commitment with Washington Federal Bank for $29,750,000 Construction Loan
Gig Harbor, Washington , Feb. 22, 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 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 Bank
Washington 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.
CONTACT: Investor Relations Hanover International IR@harborcustomdev.com 866-744-0974
