Harbor Custom Development, Inc.

Harbor Custom Development, Inc. engages in the construction, sale, and management of residential properties. Its portfolio includes single-family lots, multi-family properties, and home communities. The company was founded by Sterling Griffin in February 2014 and is headquartered in Tacoma, WA.

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Harbor Custom Development is a real estate, and land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects. As a land developer and builder of apartments, condominiums, single-family homes, and luxury homes, 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 Custom Development Inc. (NASDAQ:HCDI) announced it has voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code in the Western District of Washington at Tacoma. In a statement, the company said it has filed several customary first-day motions with the Bankruptcy Court that will allow it to continue operating in the ordinary course of business while it prepares a Plan of Reorganization to ensure that it can maximize value for the benefit of its creditors.

Harbor Custom Development announces Chapter 11 bankruptcy protection filing

Harbor Custom Development (NASDAQ: HCDI ) stock is taking a beating on Tuesday after the real estate development company filed for Chapter 11 bankruptcy protection. According to a press release from Harbor Custom Development, this bankruptcy filing was made voluntarily as the company seeks to either restructure its business or wind down operations.

Why Is Harbor Custom Development (HCDI) Stock Down 34% Today?

TACOMA, Wash, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (collectively with certain of its wholly owned subsidiaries described below, “HCDI” or “the Company”), a real estate company involved in all aspects of the land development cycle, and certain of its wholly owned subsidiaries today announced that the Company has voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code in the Western District of Washington at Tacoma (collectively, the “Chapter 11 cases”) to pursue an orderly wind down or restructuring of its business. The Company has filed a number of customary first day motions with the Bankruptcy Court that will allow it to continue operating in the ordinary course of business while it prepares a Plan of Reorganization to ensure that it can maximize value for the benefit of its creditors. HCDI will continue to market and sell finished lots and homes and to operate multi-family projects as they work towards stabilization.

Harbor Custom Development, Inc., Announces Chapter 11 Bankruptcy Protection Filing

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TACOMA, Wash, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, today announced Wally Walker has accepted a position with the University of Virginia as the Deputy Athletics Director and will be relocating to Virginia. As a result, Mr. Walker will be stepping down from his role on the Company's Board of Directors effective immediately. Mr. Walker has been an independent director since October 2020.

Harbor Custom Development, Inc., Announces Board of Directors' Resignation

Harbor Custom Development Inc. (NASDAQ:HCDI) has announced 17 new construction homes are available to purchase now and into the fall in the Austin and Horseshoe Bay metropolitan statistical areas (MSAs). The company noted that the spacious homes range from 3,040 to 4,836 square feet and feature four to five bedrooms, four to five bathrooms, and three-car garages.

Harbor Custom Development announces 17 luxury homes coming to the Horseshoe Bay and Austin MSAs

TACOMA, Wash, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, announced 17 new construction homes are available to purchase now and into the fall in the Austin and Horseshoe Bay MSAs.

Harbor Custom Development, Inc., Announces 17 Luxury Homes Coming to the Horseshoe Bay and Austin MSAs

Harbor Custom Development Inc. (NASDAQ:HCDI) told investors it is now leasing its Meadowscape apartments in Olympia, Washington. The Tacoma, Washington-based real estate company noted that the complex broke ground in September 2021, and it anticipates the project to be complete in the fourth quarter of 2023.

Harbor Custom Development says leasing has begun at Meadowscape apartments in Olympia, Washington

TACOMA, Wash., Aug. 15, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, announced it is now leasing its Meadowscape apartments in Olympia, Washington.

Harbor Custom Development, Inc., Now Leasing Meadowscape Apartments in Olympia, WA

Harbor Custom Development Inc (HCDI) posted an almost 93% year-over-year jump in sales for the second quarter driven by the closing of the first and smallest of its multifamily projects, Mills Crossing in Bremerton, Washington for $14.3 million in addition to $1.9 million in lot sales in California and Texas. The real estate development company said its sales increased from $10.3 million in the year-ago quarter to $19.8 million.

Harbor Custom Development 2Q sales surge fuelled by multifamily project milestone

TACOMA, Wash., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, today announced its financial results for the second quarter and six months ended June 30, 2023.

Harbor Custom Development, Inc. Reports 2023 Second Quarter and Year to Date Financial Results

TACOMA, Wash, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced the date of the Company's second quarter 2023 earnings release and presentation.

Harbor Custom Development, Inc., Announces Date of Second Quarter 2023 Earnings Release and Presentation

Harbor Custom Development Inc, a real estate company involved in land development, has announced the internal promotion of four key members of its leadership team. The promotions include Yoshi Niino as chief accounting officer, Kyla Sawtell as vice president of operations, Mark Long as vice president of development and construction, and Jennifer Lang as vice president of marketing.

Harbor Custom Development announces internal promotions, strengthens expertise in key roles

TACOMA, Wash, July 18, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, announced the internal promotion of four of The Company's leadership team, including Yoshi Niino, Kyla Sawtell, Mark Long, and Jennifer Lang.

Harbor Custom Development, Inc., Promotes New Leadership Team

Harbor Custom Development, a real estate company involved in land development, has appointed Jeff Habersetzer as its president and CEO on an interim basis following the retirement of CEO Sterling Griffin. The news was revealed by Griffin at the company's annual general meeting held on July 12.

Harbor Custom Development CEO Sterling Griffin announces retirement, appoints Jeff Habersetzer as interim replacement

TACOMA, Wash, July 13, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,”or the “Company”), a real estate company involved in all aspects of the land development cycle, announced Jeff Habersetzer as the Company's Interim Chief Executive Officer and Interim President at the annual meeting of shareholders held on Wednesday, July 12, 2023, effective immediately.

Harbor Custom Development, Inc., Announces Interim CEO at the Annual Meeting of Shareholders

Harbor Custom Development said it has closed on a $19,950,000 loan with lender Sound Capital to refinance the first phase of its 126-unit Belfair View apartment multi-family project located in Belfair, Washington. “We are pleased to announce the continuation of our lending relationship with Sound Capital,” Harbor Custom Development chief operating officer Jeff Habersetzer said in a statement.

Harbor Custom Development finalizes loan deal with Sound Capital for Belfair View apartment project refinancing

Belfair View Apartments are located at 81 NE Ridge Point Blvd, Belfair, WA 98528 TACOMA, Wash, July 06, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced it closed on a $19,950,000 loan with Sound Capital to refinance phase one of the 126-unit Belfair View Apartment multi-family project in Belfair, Washington. “We are pleased to announce the continuation of our lending relationship with Sound Capital.

Harbor Custom Development, Inc., Secures $19,950,000 Loan with Sound Capital to Refinance Belfair View Apartment Project

Harbor Custom Development Inc. (NASDAQ:HCDI) said it has initiated the search for a new chief financial officer (CFO) after announcing that Lance Brown, its current CFO, will be resigning from his position, effective July 21, 2023. In the interim, the company said, Yoshi Niino, Harbor's director of accounting since February 2022, will be promoted to the role of chief accounting officer, effective July 21, 2023.

Harbor Custom Development initiates search for new chief financial officer

TACOMA, Wash, June 26, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced Lance Brown, Chief Financial Officer, will be resigning from the Company, effective July 21, 2023. Mr. Brown's decision to resign does not relate to any disagreement with the Company's management, the Board of Directors of the Company, or the Company's independent auditors regarding any matter pertaining to the Company's operations, accounting practices, financial disclosures, internal controls, policies, or practices. The Company has initiated a search for a new Chief Financial Officer to fill this position.

Harbor Custom Development, Inc. Announces Change in Executive Leadership

Harbor Custom Development Inc announced that it has closed the sale of the Mills Crossing townhomes in Bremerton, Washington for $14.25 million to Kitsap Community Resources. The real estate development company said Mills Crossing is a 36-unit townhome project located at 1003 Little Haven Lane, Bremerton, Washington, one block from the Kitsap Transit Center on Highway 303 in East Bremerton.

Harbor Custom Development closes $14.25M sale of Mills Crossing townhomes in Washington State

Mills Crossing will provide affordable housing to Kitsap County area residents TACOMA, Wash, June 20, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced it has closed on the sale of the Mills Crossing townhomes in Bremerton, Washington for $14,250,000 to Kitsap Community Resources. “The sale of our first of six multi-family projects is a milestone for the Company and a testament to the team's hard work and dedication.

Harbor Custom Development, Inc. Closes Mills Crossing Townhomes Sale in Bremerton, WA for $14,250,000

Harbor Custom Development has provided the market an update on its six multi-family projects located in Western Washington, which were listed with Kidder Matthew in April 2022. The company said the first two projects - Mills Crossing townhomes, a completed 36-unit townhome project in Bremerton, and Bridge View Trail apartments, a fully entitled and developed 138-unit apartment site in Port Orchard - are anticipated to close in June 2023.

Harbor Custom Development seeing "good velocity" for its Washington multi-family projects

TACOMA, Wash, May 25, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced an update on the Company's six multi-family projects.

Harbor Custom Development, Inc. Announces Updates on Multi-Family Projects in Washington

TACOMA, Wash., May 18, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced the closing of its previously announced public offering of an aggregate of 1,951,218 shares of its common stock (or pre-funded warrants in lieu thereof) and warrants to purchase 1,951,218 shares of common stock, at a combined public offering price of $5.125 per share (or pre-funded warrant in lieu thereof) and accompanying warrant. The warrants have an exercise price of $5.00 per share, are exercisable immediately upon issuance, and expire five years from the date of issuance.

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