Press Release: Harbor Custom Development, Inc. Closes $39,000,000 Construction Loan with Buchanan Mortgage Holdings
August 23, 2022 at 09:30 am EDT
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Harbor Custom Development, Inc. 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'sCapitol 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 Custom Development, Inc. is a real estate development company. The Company is engaged in the land development cycle, including land acquisition, entitlements, development, construction of project infrastructure, single and multi-family vertical construction, marketing, and sales of various residential projects in Washington, California, Texas, and Florida. The Company operates through five segments: Homes, Developed lots, Entitled land, Multi-family, and Fee Build. It also provides services as fee-build revenues to construct the required infrastructure so that houses can be developed on the lots. Its multi-family construction offers comparable finishes to a new construction home, featuring quartz countertops, stainless steel kitchen appliances, an in-unit washer and dryer, and premium flooring. It owns or controls approximately 15 communities in Washington, Texas, California, and Florida, containing approximately 517 units or lots in various stages of development.
HARBOR CUSTOM DEVELOPMENT, INC. 
