Harbor Custom Development to develop complex in Tacoma, Wash.
Transactions - OCTOBER 11, 2021

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Harbor Custom Development to develop complex in Tacoma, Wash.

by Released

Harbor Custom Development has plans to develop an 80-unit condominium complex in Tacoma, Wash. It received a $20.13 million construction loan with Sound Capital Loans.

Located less than 10 minutes to downtown Tacoma’s urban core job market, the 80 condominiums will cater to first-time homebuyers searching for affordable options in the robust Tacoma area housing market. Harbor anticipates the one- and two-bedroom units will be priced between $350,00 and $400,000 and fill a significant need in the local marketplace. Tacoma has been one of the strongest housing markets in the nation. As of July 2021, Tacoma had an 18.8 percent year-over-year average sales price increase, raising the median sales price per home from $410,000 to $505,000.

Sterling Griffin, president and CEO of Harbor, stated, “The Pacific Ridge project is ideally located in South Tacoma less than ten minutes to the downtown core job market and approximately five minutes to the Joint Base Lewis-McChord e

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