Harbor Custom Development, Inc. Closes $39,000,000 Construction Loan with Buchanan Mortgage Holdings

Gig Harbor, Washington, UNITED STATES

Gig Harbor, Washington, Aug. 23, 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 it has closed a construction loan with Buchanan Mortgage Holdings, LLC for a maximum principal amount of $39,000,000 for the Meadowscape apartments currently under construction in Lacey, Washington.

Meadowscape, formerly known as Tanglewilde, is a 177-unit garden style apartment complex ideally located five miles south of Washington State's Capitol in Olympia and 10-15 minute drive north of 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.

Harbor anticipates leasing the complex’s first phase beginning in February of 2023, and completing construction in late June. Residents of the Meadowscape apartments will have easy access to shopping, schools, and recreation. In addition tenants will enjoy top flight amenities onsite including a fitness center, party room, swimming pool, and outdoor barbecue.

“We are pleased to announce our partnership with Buchanan Mortgage Holdings,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc. “Meadowscape apartments is one of six projects we listed with Kidder Mathews for $278 million earlier this year. Our goal is to finalize the construction of the Meadowscape apartment complex in 2023 and sell the project upon completion.”

For more information on the Meadowscape apartments or to watch the video on the construction status of Harbor’s current projects, visit HarborCustomDev.com.

The 177-unit apartments are under construction and are slated to be complete in late June 2023.

About Buchanan Mortgage Holdings, LLC
Buchanan Mortgage Holdings, LLC, is an affiliate of Buchanan Street Partners, a real estate investment firm based in Newport Beach, California that focuses on investments in commercial, multifamily, and self-storage properties as well as providing loans as a direct lender. Having invested in over $7 billion of real estate assets in its 22-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.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 the Meadowscape apartments or to watch the video on the construction status of Harbor’s current projects, visit 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.

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