Benzinga | Mar 17, 2021 07:17AM EDT

Harbor Custom Development, Inc. Secures $7,683,000 In Acquisition And Construction Financing From Sound Capital Loans For Austin Metro Market

Gig Harbor, Washington , March 17, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes(r)," 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 secured $7,683,000 in financing from Sound Capital for the acquisition of 30 lots in Horseshoe Bay, Texas, and construction loans for nine lots in Dripping Springs, Texas.

Harbor Custom Homes(r) previously announced contracting to acquire the 30 Horseshoe Bay, Texas lots which the Company anticipates commencing home construction on in the third quarter of 2021. The lots are located near the destination resort, "The Club at Horseshow Bay," (clubhsbresort.com). Anticipated pricing for the 4 and 5 bedroom homes will range from $600,000 to $1,000,000. Harbor also anticipates beginning construction on the nine lots in the La Ventana subdivision in Dripping Springs, Texas beginning in the second quarter of 2021. The La Ventana lots average one acre each. Estimated pricing for the La Ventana homes ranges from $900,000 to $1,200,000.

Sterling Griffin, President and CEO of Harbor stated, "We are excited to have secured this financing to build upscale single-family homes in the Austin metro market. Harbor has a solid business relationship with Sound Capital which has provided financing for several of our Western Washington communities. We also appreciate David Huey and his team for demonstrating their continued support for our Company's growth outside of Washington State in both the Sacramento and Austin metro markets."

David Huey, CEO of Sound Capital Loans, stated, "We are pleased to continue entering into financing agreements with Harbor Custom Development and to participate in the Company's growth in new markets. Sterling Griffin and Harbor's management team have a deep understanding of creating value throughout the entire acquisition, development, and home building process as evidenced by their numerous residential communities. We are excited to be an integral part of their success."