Comstock Holds Initial Closing for Private Placement Offering
RESTON, Va. -- December 12, 2013
Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”),
a homebuilding and multi-faceted real estate development and services company
in the Washington, D.C. metropolitan area, today announced the initial closing
of the private placement offering (the “Offering”) by Comstock Investors VIII,
L.C. (“Investors VIII”), the latest in a series of private placement offerings
sponsored by the Company to raise capital to fund its development pipeline.
The initial closing of the Offering raised $1.55 million for Investors VIII,
and the Company intends to keep the Offering open until Investors VIII raises
its targeted amount of $4 million. Participants in Investors VIII are entitled
to a preferred return of 20% per annum. The proceeds from the Offering will be
used to build a 45-unit Maxwell Square condominium in historic Frederick, Md.
and Hall Crest, a community of 42 townhomes, in Sterling, Va. and for general
Upon the final closing of the Offering and the full funding of Investors VIII,
which is expected by the end of month, the Company, through its subsidiaries,
will have raised approximately $11 million in 2013 to fund its most recent
Prospective investors interested in the Offering or Comstock should contact
Stephen Trauner, Vice President-Investments at firstname.lastname@example.org
or 703.230.1985. To participate in the Offering, an investor must be qualified
as an “accredited investor” as defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended. Generally, individuals are considered
“accredited investors” if they have (i) gross income (or joint gross income
together with a spouse) in excess of $200,000 ($300,000 jointly) in each of
the last two calendar years with the expectation of the same in the current
year, or (ii) a net worth greater than $1,000,000 (excluding their primary
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and multi-faceted real estate development and
services company that builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes of
Washington, LC. Our track record of developing numerous successful new home
communities and more than 5,500 homes, together with our substantial
experience in building a diverse range of products including apartments,
single-family homes, townhouses, mid-rise condominiums, high-rise condominiums
and mixed-use (residential and commercial) developments, has positioned
Comstock as a leading residential developer and homebuilder in the Washington,
D.C. metropolitan area. Comstock Holding Companies, Inc. is a publicly traded
company, trading on NASDAQ under the symbol CHCI. For more information about
Comstock or its new home communities, please visit www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties that may cause actual future results to differ materially from
those projected or contemplated in the forward-looking statements including
incurring substantial indebtedness with respect to projects, the diversion of
management’s attention and other negative consequences. Additional information
concerning these and other important risks and uncertainties can be found
under the heading "Risk Factors" in the Company's most recent Form 10-K, as
filed with the Securities and Exchange Commission. Comstock specifically
disclaims any obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or otherwise.
Comstock Holding Companies, Inc.
Joe Squeri, 703-230-1229
Chief Financial Officer
Harriet Fried / Jody Burfening
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