Harbor Custom Development, a real estate company involved in all aspects of the land development cycle, closed a senior secured revolving credit facility with BankUnited. The facility will provide the company with a $25 million capacity over a two-year term.
“The closing of this $25 million facility provides the Company with additional liquidity and financial flexibility to pursue further growth initiatives,” Sterling Griffin, CEO of Harbor Custom Development, said. “We remain committed to strengthening our current market position and expect that the completion of this facility will assist in the acceleration of our growth and market reach.”
“We are excited to offer this relationship capability and capital solution to fuel Harbor’s growth plans,” Ben Stacks, executive vice president and head of commercial real estate at BankUnited, said.
Piper Sandler served as Harbor’s exclusive financial advisor. The facility has a rate of SOFR plus 4.75%. The funds will provide the company additional resources to support general working capital requirements and general corporate purposes, including real estate equity investments.
