Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
CHCI > SEC Filings for CHCI > Form 8-K on 2-Jan-2014All Recent SEC Filings




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 December 30, 2013, Comstock Holding Companies, Inc. (the "Company"), through its Comstock Hall Road, L.C. subsidiary (the "Borrower"), entered into a loan agreement ("Loan Agreement") and related documents with Cardinal Bank ("Lender") pursuant to which the Borrower secured a Three Million Six Hundred Sixty-Nine Thousand Dollar ($3,669,000) acquisition and development loan, a Three Million Five Hundred Thousand Dollar ($3,500,000) revolving construction loan and a Two Million Dollar ($2,000,000) letter of credit facility (collectively, the "Loan") to finance the Company's development of the Hallcrest townhome project located in Loudoun County, Virginia (the "Project"). Under the terms of the Loan Agreement, the Loan provides for an initial variable interest rate of Prime plus one half percent with an interest rate floor of four and a half percent (4.5%), payable monthly to the extent not offset by a Two Hundred Fifty Thousand Dollar ($250,000) interest reserve initially set aside for the benefit of the Borrower. The Loan has a maturity date of twenty-four (24) months so long as the Borrower obtains three (3) sales and settlements within the twelve (12) month period following the closing of the Loan. There is no prepayment penalty associated with the Loan, which is secured by a first deed of trust on the Project. The Loan is fully guaranteed by the Company and by a limited guaranty from Messrs. Christopher Clemente and Gregory Benson, the CEO and COO of the Company, respectively. Messrs. Clemente and Benson have initially agreed not to charge a credit enhancement fee for the Loan as permitted by that certain Credit Enhancement and Indemnification Agreement previously entered into by and among the Company and Messrs. Clemente and Benson.

  Add CHCI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for CHCI - All Recent SEC Filings
Copyright © 2015 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.