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) December 18, 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 2. ACQUISITION OR DISPOSITION OF ASSETS
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Park Central Office Building
In 1987, the Partnership funded a $20,500,000 first mortgage loan
collateralized by the Park Central Office Building, De Kalb County, Georgia.
The Partnership obtained title to the property through foreclosure in 1988.
On January 20, 1997, the Partnership contracted to sell the property for a sale
price of $21,471,000 to an unaffiliated party, Acquiport Park Central, Inc., a
Delaware corporation. The purchaser has deposited $215,000 into an escrow
account as earnest money. The remaining portion of the sale price will be
payable in cash at closing, which is scheduled to occur on February 17, 1997.
The closing may be extended at the option of the purchaser to a date no later
than February 28, 1997 upon written notice to the Partnership no later than
February 14, 1997. From the proceeds of the sale, the Partnership will pay
$429,420 as a brokerage commission to an affiliate of the third party providing
property management services for the property. The Partnership will receive
the remaining proceeds of approximately $21,042,000, less closing costs.
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 actual expenses incurred in
connection with the sale.
An affiliate of the Partnership has simultaneously contracted to sell a
property to an affiliate of 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 the sale of the property may not occur.
ITEM 5. OTHER EVENTS
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a) Perimeter 400 Center
As previously reported, the general partnership (the "General Partnership")
consisting of the Partnership and three affiliates which owned the Perimeter
400 Center, Fulton County, Georgia, contracted to sell the property for a sale
price of $40,700,000 to an unaffiliated party, Devon Properties, Inc., a New
York corporation. The purchaser assigned its rights under the agreement of
sale to an affiliate, Primrose Properties Associates, L.P., a Delaware limited
partnership, and the sale closed on December 18, 1996. From the proceeds of
the sale, the General Partnership paid $220,026 in closing costs, $814,000 as a
brokerage commission to an affiliate of the third party providing property
management services for the property and received the remaining proceeds of
approximately $39,666,000. Of such proceeds, $1,750,000 will be retained by
the General Partnership and will not be available for use or distribution by
the General Partnership until nine months after the closing. The Partnership's
share of the total proceeds will be approximately $19,833,000.
b) Symphony Woods Office Center
In 1985, the Partnership funded a $10,500,000 first mortgage loan
collateralized by the Symphony Woods Office Center, Columbia, Maryland. The
Partnership subsequently funded an additional $1,400,000 for a total funding of
the loan of $11,900,000. The Partnership obtained title to the property
through a foreclosure sale in 1991.
On December 26, 1996, the Partnership contracted to sell the property for a
sale price of $7,275,000 to an unaffiliated party, 5950 SWR Corporation, a
Delaware corporation. The sale closed on December 31, 1996. From the proceeds
of the sale, the Partnership paid $106,336 in closing costs and $145,500 as a
brokerage commission to an affiliate of the third party providing property
management services for the property. The Partnership received the remaining
proceeds of approximately $7,023,000. Of such proceeds, $16,396 has been
placed in escrow pending resolution of certain tenant related matters.
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 actual expenses incurred in
connection with the sale.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(A) FINANCIAL STATEMENTS AND EXHIBITS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
(2) Agreement of Sale and attachment thereto relating to the
sale of the Park Central Office Building, De Kalb County,
Georgia.
(99) Agreement of Sale and attachment thereto relating to the
sale of the Symphony Woods Office Center, Columbia, Maryland.
No information is required under Items 1, 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, Managing
Director and General Counsel
Dated: February 4, 1997