Harbor Custom Development Inc announced that it had completed a construction loan with Buchanan Mortgage Holdings LLC for a maximum principal amount of $39 million for the Meadowscape apartments currently under construction in Lacey, Washington.
The land developer and home builder said it anticipates leasing the complex’s first phase beginning in February 2023, and completing construction in late June 2023.
“Meadowscape apartments is one of six projects we listed with Kidder Mathews for $278 million earlier this year,” Harbor Custom Development CEO Sterling Griffin said in a statement.
READ: Harbor Custom Development hits record revenue in first half; to complete several multi-family projects by end 2022
“Our goal is to finalize the construction of the Meadowscape apartment complex in 2023 and sell the project upon completion,” Griffin added.
Meadowscape, formerly known as Tanglewilde, is a 177-unit garden style apartment complex located five miles south of Washington State's Capitol in Olympia and around a 15 minute drive north of Joint Base Lewis-McChord, the fourth-largest military installment worldwide by population.
Harbor Custom noted that Meadowscape tenants will enjoy top flight amenities onsite including a fitness center, party room, swimming pool, and outdoor barbecue.
Harbor Custom is 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. The company is a land developer and builder of apartments, condominiums, single-family homes and luxury homes.
Contact Sean at sean@proactiveinvestors.com