Comstock Holding Companies, Inc. (NASDAQ:CHCI) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On February15, 2017, Comstock Sixth Street, LLC (Borrower), a
subsidiary of Comstock Holding Companies, Inc. (the Company),
closed a construction loan to a Loan Agreement (Loan Agreement)
with EagleBank (Lender) to which the Borrower obtained a Four
Million Eight Hundred Sixty Thousand Dollars ($4,860,000) loan at
an interest rate of LIBOR plus three and a half percent, with a
rate of no less than 4.75% (the Loan). The Loan Agreements
initial maturity for the Loan is February15, 2019. Proceeds from
the Loan are to be used by the Company to (i)construct
residential dwellings on finished lots in its Totten Mews project
in NE, Washington, D.C., and (ii)pay costs associated with
closing the Loan. The Loan is fully guaranteed by Christopher
Clemente, the Chief Executive Officer of the Company, and
Comstock Development Services, LC, a company wholly owned by
Mr.Clemente, and secured by a first deed of trust on units under
construction in the Totten Mews project.
The foregoing description of the material terms of the Loan
Agreement is qualified in its entirety by reference to the full
text of the Loan Agreement which will be filed as exhibits to the
Companys Form 10-Q for the quarter ending March31, 2017.
| Item2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in response to Item1.01 of this Form
8-K is incorporated by reference in response to this Item2.03.
About Comstock Holding Companies, Inc. (NASDAQ:CHCI)
Comstock Holding Companies, Inc. is a real estate development and services company focused on the Washington, District of Columbia (D.C.) metropolitan area. The Company operates through three segments: Homebuilding, which develops properties with the intent to sell as fee-simple properties or condominiums to individual buyers or to private or institutional investors; Multi-family, which focuses on projects ranging from 75 to 200 units in locations that are supply constrained, and Real Estate Services, which offers services, including strategic planning, land development, entitlement, property management, sales and marketing, workout and turnaround strategies, financing and general construction.. It offers a range of products, including multi-family, single-family homes, townhouses, mid-rise condominiums, high-rise multi-family condominiums and mixed-use (residential and commercial) developments. The Company has properties in Northern Virginia, Maryland and District of Columbia. Comstock Holding Companies, Inc. (NASDAQ:CHCI) Recent Trading Information
Comstock Holding Companies, Inc. (NASDAQ:CHCI) closed its last trading session up +0.27 at 2.44 with 10,298 shares trading hands.
