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BankUnited Provides $25MM Senior Secured Revolver to Harbor Custom Development

March 14, 2022, 07:01 AM
Filed Under: Real Estate

Harbor Custom Development announced the closing of 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," said Sterling Griffin, Harbor Custom Development's Chief Executive Officer. "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," said Ben Stacks, BankUnited's Executive Vice President and Head of Commercial Real Estate.

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.

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