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): November 16, 2010
CAMPUS CREST COMMUNITIES, INC.
(Exact name of Registrant as specified in charter)
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| Maryland
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001-34872
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27-2481988 |
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(Commission File Number)
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(IRS Employer Identification No.) |
| incorporation) |
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| 2100 Rexford Road, Suite 414, Charlotte, NC
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28211 |
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(Zip Code) |
Registrant’s telephone number, including area code: (704) 496-2500
(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:
o Written communications pursuant to Rule 425 under the Securities Act(17CFR230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On November 16, 2010, Campus Crest at Valdosta, LLC, a Delaware limited liability company and
subsidiary of Campus Crest Communities, Inc., a Maryland corporation (the “Company”), entered into
a Construction Loan Agreement (the “Valdosta Loan Agreement”) with Community & Southern Bank,
pursuant to which Community & Southern Bank agreed to extend to Campus Crest at Valdosta, LLC a
loan in the principal amount of approximately $13.7 million. The construction loan will be used to
finance the development of a student housing property in Valdosta, Georgia. The construction loan
matures on October 31, 2013, the interest rate on the construction loan is LIBOR plus 325 basis
points with an interest rate floor of 5.0% and the construction loan agreement contains
representations, warranties, covenants and other terms that are customary for construction
financing.
On November 16, 2010, Campus Crest at Denton, LP, a Delaware limited partnership and
subsidiary of the Company, entered into a Construction Loan Agreement (the “Denton Loan Agreement”)
with Amegy Mortgage Company, L.L.C. (d/b/a Q-10 Amegy Mortgage Capital), pursuant to which Q-10
Amegy Mortgage Capital agreed to extend to Campus Crest at Denton, L.P. a loan in the principal
amount of approximately $17.2 million. The construction loan will be used to develop a student
housing property in Denton, Texas. The construction loan matures on December 1, 2013, the interest
rate on the construction loan is 5.75% and the construction loan agreement contains
representations, warranties, covenants and other terms that are customary for construction
financing.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant
On November 16, 2010, Campus Crest at Valdosta, LLC, a Delaware limited liability company and
a subsidiary of the Company, entered into the Valdosta Loan Agreement, providing for a construction
loan in the principal amount of $13.7 million. This construction loan matures October 31, 2013.
On November 16, 2010, Campus Crest at Denton, LP, a Delaware limited partnership and
subsidiary of the Company, entered into the Denton Loan Agreement, providing for a construction
loan in the principal amount of $17.2 million. This construction loan matures December 1, 2013.