SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) May 20, 1996
BALCOR PENSION INVESTORS-VI
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Exact Name of Registrant
Illinois 0-14332
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State or other jurisdiction Commission file number
2355 Waukegan Road
Suite A200
Bannockburn, Illinois 36-3319330
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Address of principal I.R.S. Employer
executive offices Identification
Number
60015
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Zip Code
Registrant's telephone number, including area code:
(847) 267-1600
ITEM 5. OTHER INFORMATION
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a) Hawthorne Heights Apartments
In 1985, the Partnership funded a $6,000,000 loan collateralized by a first
mortgage on the Hawthorne Heights Apartments, Indianapolis, Indiana. The
Partnership obtained title to the property through foreclosure in 1990.
On May 20, 1996, the Partnership contracted to sell the property for a sale
price of $8,300,000 to an unaffiliated entity, New Plan Realty Trust, a
Massachusetts business trust. The purchaser has deposited $250,000 into an
escrow account as earnest money and will pay the remaining $8,050,000 at
closing, scheduled for June 18, 1996. From the proceeds of the sale, the
Partnership will pay closing costs and $207,500 to an unaffiliated party as a
brokerage commission. Neither the General Partner nor any affiliate will
receive a brokerage commission in connection with the sale of the property.
The General Partner will be reimbursed by the Partnership for its actual
expenses incurred in connection with the sale. In addition, an amount not to
exceed $250,000 will be retained by the Partnership and will not be available
until 120 days after closing.
The closing is subject to the satisfaction of numerous terms and conditions.
There can be no assurance that all of the terms and conditions will be complied
with and, therefore, its possible the sale of the property may not occur.
b) Shoal Run Apartments
In 1987, the Partnership funded a $9,450,000 loan collateralized by a first
mortgage on the Shoal Run Apartments, Birmingham, Alabama. The Partnership
obtained title to the property through foreclosure in 1993.
On May 31, 1996, the Partnership contracted to sell the property for a sale
price of $12,000,000 to an unaffiliated party, Mid-America Apartments, L.P., a
Tennessee limited partnership. The purchaser has deposited $120,000 into an
escrow account as earnest money and will pay the remaining $11,880,000 at
closing, scheduled for July 31, 1996. The purchaser will pay all closing costs
relating to the sale, except that the Partnership will pay one-half of the
closing escrow fee and specified title costs. From the proceeds of the sale,
the Partnership will pay $180,000 to an unaffiliated third party as a brokerage
commission. An affiliate of the third party providing property management
services for the Partnership and certain affiliates will receive a fee for
services in connection with the sale of the property of $120,000. In addition,
an amount not to exceed $120,000 will be retained by the Partnership and not be
available until 60 days after the closing. Neither the General Partner nor any
affiliate will receive a brokerage commission in connection with the sale of
the property. The General Partner will be reimbursed by the Partnership for
its actual expenses incurred in connection with the sale, including legal fees.
Affiliates of the General Partner have simultaneously contracted to sell 8
other properties to the purchaser.
The closing is subject to the satisfaction of numerous terms and conditions.
There can be no assurance that all of the terms and conditions will be complied
with and, therefore, it is possible that the sale of the property may not
occur.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) FINANCIAL STATEMENTS AND EXHIBITS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
(99)
(a) Agreement of Sale and attachment thereto relating to the
sale of Hawthorne Heights Apartments, Indianapolis,
Indiana.
(b) (1) Agreement of Sale relating to the sale
of Shoal Run Apartments, Birmingham, Alabama.
(b) (2) First Amendment to Agreement of Sale and Escrow
Agreement relating to the sale of Shoal Run Apartments,
Birmingham, Alabama.
No information is required under Items 1, 2, 3, 4, 6 and 8 and these items
have, therefore, been omitted.
Signature
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
BALCOR PENSION INVESTORS-VI
By: Balcor Mortgage Advisors-VI, an Illinois
general partnership, its general
partner
By: The Balcor Company,
a Delaware corporation,
a partner
By: /s/ Jerry M. Ogle
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Jerry M. Ogle, Vice President
and Secretary
Dated: June 18, 1996