MountainSeed and Harborstone Credit Union Complete $42mm Sale Leaseback Transaction

MountainSeed completes $41.8M sale-leaseback with Harborstone Credit Union.

ATLANTA, GA, UNITED STATES, February 20, 2025 /EINPresswire.com/ -- MountainSeed Real Estate Services, LLC ("MountainSeed"), a Georgia limited liability company, has successfully completed a sale-leaseback transaction with Harborstone Credit Union (“the Credit Union”).

Effective February 19th, 2025, under the terms of this transaction, Harborstone Credit Union finished a portfolio sale of seven properties, which it owned and operated as branch locations, for an aggregate purchase price of approximately $41.8 million, inclusive of customary closing adjustments. These properties are in the immediate vicinity of their headquartered location in Lakewood, Washington.

Concurrently, Harborstone Credit Union entered into a master lease agreement (the "Lease Agreement"), under which the Credit Union will lease back the properties. The Lease Agreement has an initial term of 15 years, with an option for the Credit Union to extend the lease for an additional 15-year term. As part of this sale-leaseback transaction, the Credit Union will continue its operations without closing any offices or exiting any markets, ensuring seamless service to its members, making a long-term commitment to the geographic area, and maintaining its strong presence in the local community.

MountainSeed's continued commitment to conducting sale leaseback transactions further establishes the company as a reliable resource for both Credit Unions and Banks. The transaction provides Harborstone with enhanced financial flexibility in the current economic environment.

“It was a true pleasure working with the Harborstone Credit Union team. There is a high degree of momentum with Credit Unions as many are recognizing that by conducting branch sale leaseback transactions, they can untap non-earning assets on the balance sheet while still committing to their members for the long term”, said Patrick Roberts, Chief Revenue Officer at MountainSeed.

“Our partnership with MountainSeed allows us to unlock capital that can be reinvested into initiatives that directly benefit our members. Rather than keeping funds tied up in real estate, this strategy provides greater flexibility to adapt to evolving member needs while ensuring we maximize the value and resources available to support their financial well-being. MountainSeed were great partners throughout the process and shared our member-centric approach.” noted Geoff Bullock, Chief Executive Officer of Harborstone Credit Union.

About MountainSeed: MountainSeed acts as a beacon of trust and innovation in the real estate and banking industries, serving as a partner to over 600 community Banks and Credit Unions across 50 states. MountainSeed has become the most active company in conducting sale leaseback transactions with community Banks and Credit Unions. In addition, the company processes over $5 Billion of commercial real estate transactions monthly, offering expertise to clients in the commercial real estate and lending industries. Their tech-enabled business provides clients access to a marketplace of products, services, and real estate data.

About Harborstone Credit Union: Harborstone Credit Union has branch locations in King, Pierce, and Thurston counties to serve its members. This means the credit union is big enough to offer a wide variety of products and services yet small enough to provide a pleasant and personable atmosphere. When someone joins Harborstone, they become a part owner of the not-for-profit organization. As a community credit union, anyone in Washington State can become a member. From its roots as McChord Credit Union (founded in 1955 on McChord Air Force Base) and Prevail Credit Union (founded in 1940 as King County Employees Credit Union) to its combined bright future as Harborstone Credit Union, it provides financial services and serves as a trusted source of financial help when needed for the membership it serves.

For further information or inquiries, please contact:
• MountainSeed Sales
- Email: sales@mountainseed.com
• Geoff Bullock, Chief Executive Officer, Harborstone Credit Union
- Email: geoff.bullock@harborstone.com

Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include changes in economic conditions, changes in market interest rates, among other factors.

Jack Thomas
MountainSeed
email us here
Visit us on social media:
Facebook
LinkedIn