Harbor Custom Development, Inc.
HCDIW
NASDAQ Capital Market0.00
USD
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Harbor Custom Development, Inc.
HCDIW
(NASDAQ Capital Market)
Recent
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0.00
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Harbor Custom Development, Inc. is a real estate development company engaged in the full land development cycle, including land acquisition, entitlement, development, project infrastructure construction, single-family and multi-family vertical construction, marketing, and sale of residential projects. The company develops and sells residential lots, new home communities, townhomes, and multi-story apartment properties primarily across Washington, California, Texas, and Florida. Its multi-family properties offer premium finishes such as quartz countertops, stainless steel appliances, in-unit washers and dryers, and upscale flooring. Harbor Custom Development operates through distinct segments including homes, developed lots, entitled land, multi-family housing, and fee-build services, which involve construction of infrastructure for residential lots. Founded in 2014 and headquartered in Tacoma, Washington, the company focuses on acquiring and developing land in fast-growing metro employment corridors within a 20 to 60-minute commute range to major employment centers. Recently, Harbor Custom Development underwent significant operational changes amid financial challenges. The company completed a $10 million public offering to support its real estate entitlements, construction, development projects, debt repayment, and general corporate needs. Despite these efforts, in December 2023 Harbor Custom Development filed for Chapter 11 bankruptcy protection and announced plans to liquidate its assets systematically while winding down operations. The company engaged Keen-Summit Capital LLC to oversee the sale of its multi-family property portfolio, aiming to maximize creditor recoveries. The liquidation process includes selling remaining properties in Washington, California, Texas, and Florida, with an expected minimal return for equity shareholders. The board of directors also resigned in September 2023 as part of these restructuring efforts. Prior to this, the company had pivoted strategically to multifamily housing developments to offset slowing single-family housing markets and had an active multifamily pipeline in the Puget Sound region. Harbor Custom Development's primary business segments include land acquisition and entitlement; residential lot and new home community development; multi-family apartment construction and ownership; and fee-build infrastructure construction. The company controls or owns around 15 residential communities encompassing approximately 517 units or lots in various development stages. Harbor Custom Development aims to capitalize on demographic growth and infrastructure trends by targeting land with attractive views or transit access near expanding suburban and metropolitan employment hubs. This strategy integrates home building, apartment complex development, and comprehensive real estate marketing and sales operations across its geographic markets.