Harbor Custom Development, Inc. Signs Term Sheets for Credit Facilities Totaling $158,400,000 with US Capital Global
Gig Harbor, Washington, July 29, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes®," or the "Company"), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has entered into term sheets with US Capital Global for credit facilities totaling $158,400,000 to provide construction financing on three Western Washington condominium projects and one in Southwest Florida.
"We are delighted to enter into a relationship with US Capital Global which has the ability to provide us construction financing on a national scale. US Capital Global fills a key role by offering a one stop shop for our land development and vertical construction financing needs," stated Sterling Griffin, President and CEO of Harbor Custom Homes. "Our business partners at Corporate Capital Solutions were instrumental in formalizing this new relationship with US Capital Global," stated Jeff Habersetzer, Chief Operating Officer at Harbor Custom Development, Inc.
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; and Austin, Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in two 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. 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 US Capital Global
Established in 1998, US Capital Global leverages the latest FinTech and RegTech innovation to provide sophisticated debt, equity, and investment products to lower middle market companies and investors. The US Capital Global group manages direct investment funds and provides wealth management and capital raise services through its affiliates, including US Capital Global Investment Management LLC, US Capital Global Wealth Management LLC, and its FINRA-registered broker-dealer, US Capital Global Securities LLC. The group collaborates closely with its peers in professional banking and investment advisory. For more information on US Capital Global, please visit www.uscapglobal.com or contact Kristie Bender-Carey, Partner and Managing Director, Finance and Commercial Real Estate, by email to kbender@uscapglobal.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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