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 1, 1995
JOHN HANCOCK PROPERTIES LIMITED PARTNERSHIP
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(Exact Name of Registrant as Specified in its Charter)
Massachusetts 0-13473 04-2830750
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(State of (Commission (IRS Employer
Organization) File No.) Identification No.)
200 Berkeley Street
Boston, MA 02117 (800) 722-5457
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(Address of principal executive (Registrant's telephone
offices, including zip code) number, including area
code)
Not Applicable
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(Former name or former address, if changed since last report)
Page 1 of 18
JOHN HANCOCK PROPERTIES LIMITED PARTNERSHIP
(A Massachusetts Limited Partnership)
ITEM 5 - Other Information
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Maturity of the Mortgage Loan on the Fisherman's Village Apartments
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On November 1, 1995, the mortgage note on the Fisherman's Village
Apartments came due. At that time, John Hancock Properties Limited
Partnership (the "Partnership") did not have sufficient cash to pay the
outstanding principal balance of the mortgage note in the amount of
$8,693,775. John Hancock Realty Equities, Inc., the managing general
partner of the Partnership (the "Managing General Partner"), had pursued
obtaining an extension on the mortgage loan from the lender; however, the
lender would only agree to a six month extension at a cost of two percent
of the outstanding principal balance. After reviewing the terms of the
lender's proposed extension and other third party financing options, John
Hancock Realty Equities, Inc. determined that it was in the best interest
of the Partnership to have the Managing General Partner provide short-term
financing to the Partnership. Therefore, on November 1, 1995 the Managing
General Partner purchased the mortgage loan from the existing lender for
the amount of the outstanding principal balance, or $8,693,775. In
connection therewith, the Partnership made a $500,000 payment towards the
outstanding balance of the mortgage loan and the mortgage loan was modified
to i) reflect the $500,000 lump-sum cash payment made by the Partnership to
the Managing General Partner; ii) extend the maturity date of the mortgage
to November 1, 1996; iii) allow for prepayment at any time; and iv) adjust
the interest rate on the loan to the base lending rate charged by the First
National Bank of Boston, or 8.75%, payable monthly. (The Partnership
Agreement provides that the Managing General Partner may loan funds to the
Partnership at an interest rate that shall not exceed by more than 2% the
base rate of the First National Bank of Boston.) In the Managing General
Partner's opinion, this transaction substantially benefits the Partnership
because it provides the Partnership with financing on terms significantly
more favorable than the financing that was otherwise available to the
Partnership.
The Managing General Partner currently anticipates that the Partnership
will obtain the funds necessary to satisfy the mortgage indebtedness, which
is due on November 1, 1996, through the sale of the Fisherman's Village
Apartments.
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JOHN HANCOCK PROPERTIES LIMITED PARTNERSHIP
(A Massachusetts Limited Partnership)
ITEM 7 - Financial Statements and Exhibits
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Exhibits
1. Assignment of Mortgage and Assignment of Mortgage Loan
Documents between Pacific Mutual Life Insurance Company
and John Hancock Realty Equities, Inc. dated November 1,
1995 5
2. Renewal Note between John Hancock Properties Limited
Partnership and John Hancock Realty Equities, Inc. dated
November 1, 1995 8
3. Mortgage Modification Agreement between John Hancock
Properties Limited Partnership and John Hancock Realty
Equities, Inc. dated November 1, 1995 11
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JOHN HANCOCK PROPERTIES LIMITED PARTNERSHIP
(A Massachusetts Limited Partnership)
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report on Form 8-K to be signed on its
behalf by the undersigned, hereunto duly authorized, on the 21th day of
November, 1995.
John Hancock Properties Limited Partnership
By: John Hancock Realty Equities, Inc.,
Managing General Partner
By: WILLIAM M. FITZGERALD
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William M. Fitzgerald, President
By: RICHARD E. FRANK
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Richard E. Frank, Treasurer
(Chief Accounting Officer)
8K1195BY.DOC
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