RESTON, Va.--(BUSINESS WIRE)--
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 corporate purposes.
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 residential projects.
Prospective investors interested in the Offering or Comstock should
contact Stephen Trauner, Vice President-Investments at
strauner@comstockcompanies.com 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
residence).
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
or
Investor Relations:
LHA
Harriet
Fried / Jody Burfening
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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