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Harbor Custom Development, Inc. (NASDAQ: HCDI) has signed a Purchase and Sale Agreement to acquire a property for $1.5M to develop 36 townhomes in East Bremerton, Washington. The project, named Mill’s Crossing, targets first-time homebuyers with pricing under $400,000 and is strategically located near the Kitsap Transit Center and major naval bases. CEO Sterling Griffin emphasized the demand for affordable housing in the area and expressed excitement about expanding into the townhome market. Closing is anticipated on or before March 1, 2021.
Harbor Custom Development (NASDAQ: HCDI) has executed a Purchase and Sale Agreement for a property in East Bremerton, Washington, to build 36 affordable townhomes. The acquisition cost is $1.5 million, with closing expected by March 1, 2021. The development, named Mill’s Crossing, aims to cater to first-time home buyers, with units priced under $400,000. Located near the Kitsap Transit Center and the Bremerton shipyards, this project marks Harbor's entry into the starter home market, responding to the growing demand in the area.
Harbor Custom Development, Inc. (NASDAQ: HCDI) announced the acquisition of 48 acres in Belfair, Washington, with a purchase price of $3.915M. This land is currently in the entitlement process for 145 undeveloped lots and is expected to close by March 15, 2021. Situated near the Kitsap Naval Base, Belfair offers a prime location for families seeking suburban living while commuting to major employment hubs. This acquisition represents a strategic expansion into Mason County, contributing to Harbor's growth in the Puget Sound region.
Harbor Custom Development, Inc. (NASDAQ: HCDI) has successfully closed the Olympic Views Acquisition, securing 98 residential lots in Bremerton, Washington for $3,430,000. This addition will enhance Harbor's Soundview Estates project, which encompasses 240 lots, marking it as the largest single-family development in Bremerton. The company aims to strategically develop its residential communities, leveraging growth in the Kitsap County area, which provides commuting access to Seattle.
Harbor Custom Development, Inc. completed a $12.2 million Initial Public Offering (IPO) with Aegis Capital Corp. acting as Co-Manager. Harbor specializes in real estate development across the Puget Sound region, focusing on residential communities in areas like Gig Harbor and Bremerton. Their strategy involves strategic land acquisitions and understanding regional growth patterns. This IPO represents a significant step for the company as it aims to expand its operations and market reach in a growing real estate landscape.
Harbor Custom Development, Inc. (NASDAQ:HCDI) announced the appointment of Lynda Meadows as Chief Financial Officer, effective September 21, 2020. A 25-year industry veteran, Meadows has held pivotal roles at companies like Weyerhaeuser and Builders Capital, highlighting her extensive experience in financial leadership within the real estate sector. CEO Sterling Griffin emphasized that Meadows' diverse skills and public company experience will be instrumental for the company’s financial strategy and growth. Harbor specializes in all phases of land development, targeting growth in Western Washington.
Harbor Custom Development (Nasdaq: HCDI) has successfully closed its initial public offering of 2,031,705 shares at $6.00 each, yielding approximately $12.2 million in gross proceeds. This includes 265,005 shares sold from the underwriters’ exercised option. The offering was managed by ThinkEquity, with Aegis Capital Corp as co-manager. The registration statement was effective on August 28, 2020. Harbor, based in Gig Harbor, WA, engages in comprehensive real estate development, focusing on land acquisition and residential projects in Western Washington.
Harbor Custom Development, Inc. announced its initial public offering of 1,766,700 shares priced at $6 per share, totaling gross proceeds of $10,600,200 before expenses. The offering includes a 45-day option for underwriters to purchase an additional 265,005 shares. Trading on the Nasdaq Capital Market under the symbol 'HCDI' began on August 28, 2020, with the offering closing expected on September 1, 2020. The registration statement became effective on August 28, 2020, and the prospectus is available via ThinkEquity.