Harbor Custom Development, Inc. - HCDI STOCK NEWS

Harbor Custom Development announced a purchase and sale agreement for 2.34 acres in Burien, Washington, to build 112 condominium units for $2.6 million. The closing is expected by September 3, 2021. The project aims to address the affordable housing gap in King County, where the median home price is $810,000, making the proposed prices of $395,000 to $495,000 appealing for first-time buyers. The location is strategically situated near major employers in the region, enhancing market demand for these units.

Harbor Custom Development announced a purchase agreement for 8.44 acres in Lacey, Washington, at $4,425,000, expecting closure by August 9, 2021. The site will develop 177 condominiums aimed at first-time homebuyers, priced between $260,000 and $325,000. This follows a significant rise in median home prices in Thurston County, which increased 21.6% year-over-year to $450,000. The acquisition supports Harbor's strategy to address affordable housing shortages in Western Washington, particularly as inventory remains low.

Harbor Custom Development, Inc. announced the election of Karen Bryant to its Board of Directors, effective immediately, following the annual meeting on June 8, 2021. Ms. Bryant brings 25 years of leadership experience, including her tenure as President and CEO of the Seattle Storm, where she led the team to two WNBA championships. The company, which operates in all phases of the land development cycle in Washington, California, and Texas, aims to benefit from Ms. Bryant’s extensive background in business growth and operational excellence.

Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW) will join the Russell Microcap® Index effective June 25, 2021. This inclusion aims to enhance visibility within the financial community and attract a broader institutional audience, according to CEO Sterling Griffin. The Russell Indexes®, managed by FTSE Russell, hold about $10.6 trillion in assets and serve as key benchmarks for investors. The company is involved in the entire land development cycle and has active projects in various regions, including Western Washington, California, and Texas.

Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW) announced the completion of its public offering of 1.2 million shares of 8.0% Series A Cumulative Convertible Preferred Stock and 4.14 million warrants, generating gross proceeds of $30 million. The funds will be allocated for land acquisition, construction, development, debt reduction, and working capital. The preferred stock and warrants started trading on the Nasdaq on June 10, 2021, under the symbols HCDIP and HCDIW. ThinkEquity managed the offering, facilitated by an effective registration statement declared by the SEC on June 8, 2021.

Harbor Custom Development, Inc. (HCDI) announced the pricing of an underwritten public offering of 1,200,000 shares of 8.0% Series A Cumulative Convertible Preferred Stock at $25.00 each, accompanied by three warrants per share. The offering aims to raise capital for business operations and development. The shares are convertible at $4.50 per common share and become callable if trading exceeds $7.65 per share for 20 out of 30 days. Trading for the Preferred Stock and Warrants begins on June 10, 2021. The offering is expected to close on June 11, 2021.

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.

Harbor Custom Development (NASDAQ: HCDI) reported Q1 2021 revenues of $13.87 million but faced a net loss of $1.55 million. CEO Sterling Griffin emphasized the company's focus on acquiring real estate in high-growth areas due to a housing shortage. Harbor has contracts to acquire 233 acres in Blaine, WA, and 53 acres in Punta Gorda, FL, aiming to build 200 luxury condominiums priced around $550,000. The company anticipates profitability in Q2 2021, leveraging opportunities from impending border reopening and regional market expansion.

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced the acquisition of 31 acres of commercial property in West Horseshoe Bay, Texas, for $4,750,000. This includes a 2,800 square foot office building for use as a design, marketing, and sales center targeting the Austin metro market. The company plans to rezone the property from commercial to residential use by Q3 2021, intending to offer various single-family homes ranging from 1,800 to 5,000 square feet. The acquisition aims to leverage the rapid growth in Horseshoe Bay driven by migration from Austin.