Comstock Homebuilding Companies, Inc. - Current report filing (8-K)
December 26 2007 - 10:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): December 21, 2007
Comstock Homebuilding Companies, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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1-32375
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20-1164345
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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11465 SUNSET HILLS ROAD, FIFTH FLOOR
RESTON, VIRGINIA 20910
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(Address of principal executive offices) (Zip Code)
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Registrants Telephone Number, Including Area Code: (703) 883-1700
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
See
General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a- 12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement.
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On
Friday, December 21, 2007, Comstock Potomac Yard, LC, a wholly owned subsidiary of Comstock Homebuilding Companies, Inc. (collectively Comstock) completed the sale of, and transferred title to, all five of the retail condominiums at
its Eclipse on Center Park condominium project in Arlington, Virginia. The closing occurred pursuant to an existing $14,500,000 sales contract with Comstock Asset Management, LLC (CAM), entered into by the parties in 2004. Because
CAM had, in accordance with the contract of sale, previously provided a $6,000,000 cash deposit to Comstock, the total amount received by Comstock at the closing was approximately $8,500,000. Pursuant to the projects loan requirements in
connection with the settlement of the retail condominiums, Comstock made a principal curtailment to Corus Bank, its project lender, in the amount of $9,771,518. Christopher Clemente, our chairman and CEO is the sole member of CAM.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 26, 2007
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COMSTOCK HOMEBUILDING COMPANIES, INC.
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By:
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/s/ Jubal R. Thompson
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General Counsel and Secretary
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