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May 27, 2024
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Harbor Custom Development Lands $39 Mil Loan for Development of WA Res Community


Harbor Custom Development Inc has secured $39 mil in construction money to complete the development of a 177-unit, garden-style multifamily community located in Lacey, WA, a suburb of the Seattle/Tacoma MSA. The non-recourse loan was provided by Buchanan Mortgage Holdings LLC, an affiliate of Buchanan Street Partners L.P.

Upon completion, the project will feature a mix of studio, one- and two-bedroom units with Class A quality finishes and above-average unit sizes compared to the existing competitive set. Over the past decade the Lacey submarket has exhibited positive supply-demand fundamentals. This trend is expected to continue given the combination of offering a reasonable price point compared to the nearby Seattle/Tacoma metro and proximity to demand drivers such as the state capital of Olympia, Joint-Base Lewis McCord military base, and a rapidly growing presence of big box industrial/warehouse facilities.

Harbor Custom Development is a publicly-traded real estate developer headquartered in Tacoma with a long track record of developing homes sites, townhomes and multifamily projects throughout the Puget Sound region. Harbor anticipates leasing the community’s first phase beginning in February of 2023 and completing construction in June 2023.

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