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CHCI > SEC Filings for CHCI > Form 8-K on 3-Oct-2013All Recent SEC Filings

Show all filings for COMSTOCK HOLDING COMPANIES, INC.

Form 8-K for COMSTOCK HOLDING COMPANIES, INC.


3-Oct-2013

Entry into a Material Definitive Agreement, Creation of a Direct


Item 1.01 Entry into a Material Definitive Agreement.

The disclosure set forth in Item 2.03 is hereby incorporated into this item by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 30, 2013, Comstock Holding Companies, Inc. (the "Company"), through its subsidiary Comstock Maxwell Square, L.C. (the "Borrower"), closed on its forty-five unit townhome condominium project located in downtown Frederick, Maryland (the "Project"). In connection with the closing of the Project, the Borrower entered into a loan agreement (the "Loan Agreement") and related documents with EagleBank pursuant to which the Borrower secured (i) a Two Million One Hundred Forty Thousand Dollar ($2,140,000) acquisition and development loan, (ii) a Three Million Three Hundred Ninety Thousand Dollar ($3,390,000) revolving construction loan and (iii) a Fifty-one Thousand Dollar ($51,000) letter of credit facility (collectively, the "Loan") to finance the Company's development of the Project. Under the terms of the Loan Agreement, the Loan provides for a variable interest rate of LIBOR plus three percent (3%) with a minimum floor of four and three-quarters percent (4.75%). The Loan has a maturity date of twenty-four (24) months, subject to the Borrower meeting a minimum sales and settlement schedule on a quarterly basis. There is no prepayment penalty associated with the Loan, which is secured by a first deed of trust on the Project and fully guaranteed by the Company.

On October 2, 2013, the Company issued a press release announcing the closing of the Project and the opening of the sales center. A copy of the press release is attached hereto as Exhibit 99.1.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release by Comstock Holding Companies, Inc., dated October 2, 2013


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