Comstock arranges deal with lenderWashington Business Journal - by
Tierney Plumb Staff Reporter
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Comstock Homebuilding Cos. Inc. reached an agreement with its lender
to improve operating cash flow and use the money for working capital.

The Reston-based home builder (NASDAQ: CHCI) entered into a loan
amendment with Guggenheim Corporate Funding LLC, which alters an
existing forbearance arrangement related to $12.1 million of
outstanding principal under Comstock’s secured project loan for
Penderbrook, a community in Fairfax.

Under the modification, Comstock will get cash equal to 25 percent of
the net sales price of certain units settled on or after July 16,
2009. Under the deal, Comstock needs to sell at least three units per
month and 10 units per quarter.

“The enhanced cash flow that we can now generate at Penderbrook will
help tremendously in our effort to survive the industry downturn and
position our company for improved results as market conditions improve
in the Washington, D.C. market,” said Christopher Clemente, Comstock’s
chairman and CEO.