Harbor Custom Development Inc. (NASDAQ:HCDI) (HCDI) posted an almost 93% year-over-year jump in sales in the second quarter driven by the closing of the first and smallest of its multifamily projects, Mills Crossing in Bremerton, Washington for $14.3 million in addition to $1.9 million in lot sales in California and Texas.
The real estate development company said its sales increased from $10.3 million in the year-ago quarter to $19.8 million.
“Despite a challenging real estate market, we achieved notable successes in the second quarter,” HCDI's interim CEO Jeff Habersetzer commented.
He also noted that the company had secured $10 million in gross proceeds from its public offering with H.C. Wainwright & Co., and partnered with Sound Capital to refinance phase one of its Belfair View project.
“Our apartment communities are experiencing excellent lease-up velocity, with Pacific Ridge and Wyndstone expected to reach rental stabilization soon,” Habersetzer said in a statement.
“Our luxury Texas homes have generated significant interest, and our California lots are seeing significant momentum.”
He concluded: “I remain confident in our progress toward achieving our objectives through our continuous efforts to maximize our portfolio, improve operational inefficiencies, and manage costs.”
For 2Q, the company narrowed its net loss from $4.5 million to $4.4 million.
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