Company
Harbor Custom Development Inc.
NASDAQ:HCDI
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.
71 stories
Harbor Custom Development to build luxury homes in Tacoma after striking deal to buy 70 acres
The land developer said it had inked a letter of intent to buy 70 acres in the port city for $5.75 million to construct an urban multi-story apartment project of around 200 units
Harbor Custom Development ends 3Q with $11.7M in sales despite a challenging market environment
The real estate company also reported that sales for the first nine months of 2022 increased by 10% to $50.6 million, compared to sales of $46 million for the first nine months of 2021
Harbor Custom Development inks LOI to acquire 15-acre Washington State property
“The accessibility to the I-5 corridor combined with a one-hour drive to Seattle provides two key metrics for a successful project,” Harbor Custom Development CEO Sterling Griffin said
Harbor Custom Development CEO offers promising updates on Washington State real estate properties
In a video, CEO Sterling Griffin reveals which projects are now leasing units and which others will follow suit in the next 60 days
Harbor Custom Development closes $39M construction loan for apartments in Washington State
The land developer and home builder said it anticipates leasing the Meadowscape apartment complex’s first phase beginning in February 2023, and completing construction in late June 2023
Harbor Custom Development hits record revenue in first half; to complete several multi-family projects by end 2022
For the six months ended June 30, 2022, the Tacoma, Washington-based real estate company, reported sales of $38.9 million, compared to $28 million in the first half of 2021
Harbor Custom Development announces $5.4M sale of land tracts in Blaine, Washington to Noffke Landholdings
“Their commitment to accumulating undeveloped multi-family tracts is a validation of our business model that focuses on monetizing our real estate assets at the most opportune time in the development cycle,” said the company's president and
Harbor Custom Development authorizes new stock repurchase program
"The Board's decision to authorize a second stock repurchase plan demonstrates their confidence in management's ability to execute on Harbor's stated business objectives and the positive outlook for the company's growth over the long term,"
Harbor Custom Development sees 1Q sales more than double thanks to strong buyer demand
For the period ended March 31, 2022, the Tacoma, Washington-based real estate developer reported consolidated net sales of $28.6 million, compared to $13.9 million in the corresponding period a year earlier
Harbor Custom Development CEO Sterling Griffin offers insights into the post-pandemic real estate market
Harbor Custom Development is working to address the country's housing supply shortage through the development of multi-family projects located a short commute from urban cores
Harbor Custom Development lists six Western Washington apartment projects totaling 734 units for a combined value of $278M with Kidder Mathews
"We are capitalizing on this market dynamic by listing for sale our current owned inventory of six apartment projects totaling 734 units in various stages of construction," said Sterling Griffin, president and CEO of Harbor Custom Developme
Harbor Custom Development enters Texas market with 208 single-family lot developments
The real estate development company said the lots, under various stages of development, are located throughout the Austin metropolitan statistical area
Harbor Custom Development closes on $4.48M land sale to Noffke Homes in Blaine, Washington
"We're excited to work with Noffke on this project, and it couldn't come at a better time,” Harbor president and CEO Sterling Griffin said
ThinkEquity sees Harbor Custom Development building on its 2021 successes in 2022
'Harbor remains focused on strengthening its current market position and has a strong foundation to accelerate growth and market reach during 2022 and beyond,' analysts said in a note
Harbor Custom Development reports strong top-line revenue growth in its first year as a public company
The real estate company, which is involved in all aspects of the land development cycle, said it had generated net sales of $72.4 million in the year to end December 31, 2021, compared to $50.4 million in 2020
Harbor Custom Development posts record 4Q earnings as its ‘distinct’ business model gains momentum
"We are confident that momentum from the fourth quarter provides a strong platform for us to reach our financial targets in 2022,” the company’s president and CEO Sterling Griffin said
Harbor Custom Development completes new senior secured revolving credit facility of $25M
"The closing of this $25 million facility provides the company with additional liquidity and financial flexibility to pursue further growth initiatives," said Harbor Custom CEO Sterling Griffin
Harbor Custom Development enters into preliminary commitment with Washington Federal Bank for $29,750,000 construction loan
The financing is for the 177-unit Tanglewilde apartment complex located in Lacey, Washington, which is ideally located for tenants employed at Washington State's Capitol in Olympia or military personnel commuting to Joint Base Lewis-McChord
Harbor Custom Development enters into preliminary commitment for $15,715,000 in construction financing with Marquee Funding Group
The financing is for the 75 unit Wyndstone apartment complex located in Yelm, Washington, which is conveniently located only 22 miles from Washington State's capital of Olympia to the south and 24 miles to Joint Base Lewis-McChord, a major
Harbor Custom Development to accept Bitcoin and 12 other digital currencies as payment for its real estate
The company also accepts Ethereum, USD Coin, XRP, Dogecoin, SHIBA INU, Binance USD, Wrapped Bitcoin, Litecoin, Dai, Bitcoin Cash, Pax Dollar, and Gemini Dollar
Harbor Custom Development closes $1.5M purchase of a 138-unit apartment site in Washington State
The company said it anticipates generating about $46 million from the sale of the project when construction is completed
Harbor Custom Development closes on $19,129,000 construction loan with Broadmark Realty Capital for first phase of its Olympic Sunset View Apartment project
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 Mountain
Harbor Custom Development enters contract to buy 60-acre townhome site in Tampa Bay metro area
The company is paying $7.4 million for the property to support 325 rental units
Harbor Custom closes on sale of 30 developed lots in the Summit Rock golf course development in Horseshoe Bay Texas
“We continue to execute on our stated business objectives by monetizing our real estate assets early in the development cycle,” said Sterling Griffin, president and CEO of Harbor Custom Development
Harbor Custom Development closes $4.8M sale of 24 developed lots in Washington to MainVue Homes
The transaction includes 71 developed lots near the Semiahmoo Resort and award-winning golf course
Harbor Custom Development enters contract with Laughlin Development for the purchase of 66 undeveloped lots for $2.9M in Poulsbo, Washington state
"This acquisition allows Harbor to continue expanding the company's footprint in Kitsap County, where we have had great success," commented Sterling Griffin, president and CEO of Harbor
Harbor Custom Development announces acceptance of Bitcoin and 12 other digital currencies for its real estate
“Acceptance of digital currencies for our real estate offerings is a logical step for Harbor and demonstrates our flexible business model that separates us from our industry peers,” its COO Jeff Habersetzer said
Harbor Custom Development closes on $3.87M sale of 27 developed lots in Washington to Century Communities
"We are thrilled to add Century Communities as one of the selected builders for the Horizon at Semiahmoo project and look forward to working with their team,” Harbor president and CEO Sterling Griffin said
Harbor Custom Development closes $3.8M sale of 20 developed lots in Washington to Noffke Homes
Noffke Homes is the first builder to close in Phase 1 of Horizon and anticipates pre-sales to begin in the first quarter of 2022
Harbor Custom Development acquires 438-acre master planned community near Vancouver, B.C. for $14M
A mix of residential housing with up to 997 single and multi-family housing units and around 48,000 square feet of neighborhood commercial space will be added with the new acquisition
Harbor Custom Development enters preliminary commitment with Broadmark Realty Capital for $19.1M construction loan
The company said the project, currently under construction, is conveniently situated adjacent to highway SR 3 and provides views of the Puget Sound and the Olympic Mountains
Harbor Custom Development sees its 3Q sales surge to $18M on land sale, fee build revenue
The company also recorded third-quarter net income of $3.7 million, or $0.21 per share, compared with a net loss of $0.4 million, or $0.10 per share, during the same period last year
Harbor Custom Development strikes deal to sell 20 lots in Washington state to Noffke Land Holdings for US$3.8M
Harbor acquired 214 acres, which included 71 developed lots, adjacent to the Semiahmoo resort at Blaine in July this year
Harbor Custom Development enters contract to sell 24 developed lots in Washington State for $4.8M
In July 2021, Harbor acquired 214 acres which included 71 developed lots adjacent to the Semiahmoo resort in the town of Blaine
Harbor Custom Development enters contract to sell 30 developed lots in Horseshoe Bay, Texas for over $6M
“Selling the 30 Summit Rock lots demonstrates execution of our stated business objective by monetizing a portion of our real estate assets early in the development cycle,” president and CEO Sterling Griffin said
Harbor Custom Development authorizes repurchase of up to $5M worth of shares
“The board’s decision to authorize a stock repurchase plan demonstrates their confidence in Harbor’s business and growth opportunities we see over the long term,” said president and CEO Sterling Griffin
Harbor Custom Development appoints Lance Brown as the company’s new chief financial officer
Prior to joining Harbor, Brown was the vice president and chief accounting officer at Select Interior Concepts, where he was responsible for finance, accounting, SEC reporting, and tax
Harbor Custom Development reports estimated 3Q net income of $3.6M
The real estate development company also said it generated $18 million in revenue during the quarter
Harbor Custom Development expects to lead growth in housing development due to nationwide US shortage
The company said the coronavirus pandemic exacerbated the already significant shortage of housing nationally, which is now estimated at over five million units across the US
Harbor Custom Development closes on purchase of 4.31-acre property permitted for the construction of 75 condominium units in Yelm, Washington for $3.325M
Yelm is located 22 miles from Washington State's capital of Olympia to the south and 32 miles north to the downtown Tacoma job market. It offers easy access to several outdoor recreational opportunities such as the Yelm Tenino trail
Harbor Custom Development closes on $20M construction loan to build condominium complex in Tacoma, Washington
Located less than 10 minutes from downtown Tacoma’s urban core job market, the 80 condominiums will cater to first-time homebuyers searching for affordable options
Harbor Custom Development closes on $36M underwritten public offering
The real estate development company intends to use the net proceeds for land acquisition, construction, and development, and working capital