Comstock Homebuilding unit receives 30-day loan default standstill agreement

By Caroline Salls

Pittsburgh, Oct. 24 - Comstock Homebuilding Cos., Inc. received a 30-day stand-still agreement from Bank of America, NA in connection with the purported notice of default on wholly owned subsidiary Comstock Bellemeade, LC's deed of trust note and loan agreement, according to an 8-K filing with the Securities and Exchange Commission.

In the letter confirming the stand-still agreement, lender Bank of America agreed not to take any action before Nov. 24 to enforce any remedies that may be available to it under the loan documents, including any possible cross-defaults.

Comstock Homebuilding is a Reston, Va.-based diversified real estate development firm with a focus on moderately priced for-sale residential products.

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