Lacey, WA (October 5, 2022) – Buchanan Mortgage Holdings, LLC (BMH), an affiliate of Buchanan Street Partners, L.P., provided a $39 million non-recourse construction loan to Harbor Custom Development, Inc. to complete the development of a 177-unit, garden-style multifamily community located in Lacey, Washington, a suburb of the Seattle/Tacoma MSA.

Tacoma-based Harbor Custom Development Inc. (Nasdaq: HCDI) has secured a $39 million construction loan to complete a 177-unit garden-style apartment development in Lacey. Buchanan Street Partners of Newport Beach, California, announced last week that it provided the non-recourse loan. The announcement comes as rising interest rates have dampened demand for...