Harbor Custom Development, Inc. Closes 99 Lots in Soundview Estates with Lennar for $9,310,000

Rhea-AI Summary

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced the closing of a $9,310,000 deal for 99 lots with Lennar Northwest, Inc. in phase 7 of Soundview Estates, Bremerton, WA. This development is strategically located near key amenities, including downtown Bremerton and the Kitsap Naval Shipyard. Harbor's CEO, Sterling Griffin, expressed enthusiasm for the ongoing partnership with Lennar, which is committed to building quality homes. Harbor's business strategy focuses on land acquisition and development in growing markets throughout the Puget Sound region, Sacramento, and Austin.

Positive

• Closed a $9,310,000 deal for 99 lots, enhancing financial standing.
• Strengthened relationship with a leading builder, Lennar, indicating confidence in partnership.

Negative

• None.

Gig Harbor, Washington , May 18, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” 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 closed on 99 lots totaling $9,310,000 with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”),  in phase 7 of Soundview Estates located in Bremerton, Washington.

Soundview Estates is less than a ten-minute drive to downtown Bremerton, the Seattle Ferry, and the Kitsap Naval Shipyard and can be viewed at:  https://vimeo.com/453127877.

“We are thrilled to continue our working relationship with Lennar and anticipate they will continue with their current success of constructing quality single family homes that capture the beauty of this unique setting,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.

About Lennar Corporation

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up, and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title, and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Len^X drives Lennar's technology, innovation, and strategic investments. For more information about Lennar, please visit www.lennar.com.

About Harbor Custom Development, Inc.

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; and Austin, Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in two new markets beginning the second quarter of 2021. In the Sacramento metro market, Harbor will be constructing homes in completed subdivision in both Rocklin and Auburn, California. In the Austin metro market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood and Horseshoe Bay Texas. 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 real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.  For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws.  Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements.  These forward-looking statements are based upon current estimates and assumptions.  While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release.  These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, actual results could be materially different.  The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

FAQ

What recent development did Harbor Custom Development announce?

Harbor Custom Development announced the closing of 99 lots for $9,310,000 with Lennar Northwest in Bremerton, WA.

How much is the recent deal Harbor Custom Development closed worth?

The deal is valued at $9,310,000 for 99 lots in Soundview Estates.

What company is Harbor Custom Development partnering with for their latest project?

Harbor Custom Development is partnering with Lennar Northwest, a subsidiary of Lennar Corporation.

Where is the Soundview Estates development located?

Soundview Estates is located in Bremerton, Washington, near downtown and the Kitsap Naval Shipyard.