HCDI - Washington Federal Bank commits $29.75M construction loan to Harbor Custom Development

Harbor Custom Development (HCDI) enters into a preliminary commitment for $29.75M in construction financing with WaFd Bank for the 177 unit Tanglewilde apartment complex located in Lacey, Washington. The 177-unit apartment complex is ideally located for tenants employed at Washington State’s Capitol in Olympia or military personnel commuting to Joint Base Lewis-McChord. Sterling Griffin, President and CEO commented, “The Tanglewilde apartment project had been previously considered for condominiums catering to first-time homebuyers. The rapidly changing market conditions over the past 12 months resulting in capitalization rates dropping to historic lows in Western Washington accompanied with significant increases in rental rates have shifted the value proposition.  Our goal is to complete construction of the Tanglewilde apartment complex in 2023 and sell the project upon completion.”

For further details see:

Washington Federal Bank commits $29.75M construction loan to Harbor Custom Development