Harbor Custom Development, Inc. - HCDI STOCK NEWS

Harbor Custom Development, Inc. (NASDAQ: HCDI) will announce its second quarter 2021 financial results on August 17, 2021. Following the earnings release, the Company will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and future outlook. Interested parties can join via a live audio webcast or by telephone. The company is involved in the real estate development cycle, focusing on land acquisition and home building in key markets, including Washington, California, and Texas.

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced it has secured credit facilities totaling $158.4 million with US Capital Global. The funding will support construction on three condominium projects in Western Washington and one in Southwest Florida. CEO Sterling Griffin emphasized the significance of this partnership for nationwide construction financing. Harbor is actively involved in land development and has ongoing residential projects across various states, including Washington, California, and Texas.

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced the acquisition of an 8-story residential project in Midtown Sacramento for $5,544,000. The project will feature 208 units, a mix of studio to two-bedroom apartments, with construction anticipated to start in Q2 2022. Units are expected to be priced under $400,000, addressing the local need for affordable housing amid rising home prices, which increased by 26% year-over-year to a median of $470,000 as of May 2021. The deal is expected to close by October 11, 2021.

Harbor Custom Development, Inc. (NASDAQ:HCDI) has entered a sales contract with Lennar Northwest, Inc. for $10,440,000 involving 144 entitled lots in Olympic Ridge, Belfair, Washington. Additionally, Harbor has contracted Lennar to develop these lots for $10,880,000, resulting in a combined value of $21,240,000. Olympic Ridge offers scenic views and is strategically located near key military and economic hubs. President and CEO Sterling Griffin expressed excitement about the ongoing relationship with Lennar, anticipating successful home construction in 2022.

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced its feature on the Viewpoint program, discussing the impact of COVID-19 on the single-family home market. The segment highlights the national housing shortage exacerbated by the pandemic, driving urban populations towards larger homes in suburban areas. CEO Sterling Griffin emphasized the company's strategy of acquiring land in high-demand markets to address the lot shortage. Harbor is actively developing residential communities in Washington, California, and Texas, aiming to enhance housing supply in these regions.

Harbor Custom Development has signed a national contract with Corporate Capital Solutions to enhance its real estate acquisition and project management services. This strategic partnership aims to accelerate growth in rapidly developing metro areas, minimizing traditional regional resource costs. Harbor expects to leverage CCS's extensive network to expand its footprint without incurring high expenses. This collaboration aligns with Harbor's business plan, driving value-driven growth in key markets across California and Texas, alongside existing projects in Washington.

On July 6, 2021, Harbor Custom Development announced the acquisition of 31 acres of commercial property in West Horseshoe Bay, Texas, for $4,750,000. This property includes a 2,800 square foot office building, which will serve as a design and sales center for the Austin metro market. The company successfully rezoned 28 acres for residential use, planning to offer diverse single-family homes. The strategic location near Austin's growing job market and the Horseshoe Bay Resort enhances the potential for market expansion.

Harbor Custom Development has acquired 108 developed single-family lots in the Summit Rock Golf Course community for $17.17 million. Located in Horseshoe Bay, Texas, this acquisition aligns with the company's strategy to expand its presence near Austin. Homes will range from 4-5 bedrooms and be priced from $800,000 to $2 million, with construction expected to start in Q4 2021. Harbor aims to capitalize on the area's growth, driven by urban migration from Austin and limited inventory in nearby communities.

Harbor Custom Development (Nasdaq: HCDI) held its Annual Shareholder Meeting on June 8, 2021, announcing significant revenue growth. From 2019 to 2020, gross revenues surged by 65% from $30.95 million to $50.40 million. For 2021, Harbor anticipates revenues of $80 million, marking a 59% increase over the previous year, and projections for 2022 estimate $128 million in sales, a 60% annual growth. CEO Sterling Griffin stated the company has turned profitable in Q2 2021, expecting to maintain profitability moving forward, contingent on market conditions.