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) June 16, 1997
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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420 North Wabash Office Building
In 1985, the Partnership funded a $11,300,000 first mortgage loan
collateralized by (a) the 420 North Wabash Office Building, Chicago, Illinois
(the "Building"), and (b) the leasehold interest in the land underneath the
Building (the "Leasehold Interest"). In 1992, the Partnership obtained title
to the Building and the Leasehold Interest (together, the "Property") pursuant
to a deed in lieu of foreclosure.
On May 9, 1997, the Partnership contracted to sell the Property for a sale
price of $5,200,000 to an unaffiliated party, Friedman Properties, Ltd., an
Illinois corporation (the "Purchaser"). On June 16, 1997, the Partnership and
the Purchaser terminated the prior agreement of sale and executed a new
agreement of sale for the Property with a sale price of $5,000,000. The
Purchaser has deposited $250,000 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 July 31, 1997. From the proceeds of the sale, the
Partnership will pay $100,000 as a brokerage commission to an affiliate of the
third party providing property management services for the Partnership. The
Partnership will receive the remaining proceeds of approximately $4,900,000,
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.
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 7. FINANCIAL STATEMENTS AND EXHIBITS
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(A) FINANCIAL STATEMENTS AND EXHIBITS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
(2) (i) Termination Agreement relating to the Agreement of Sale
dated May 9, 1997 for the 420 North Wabash Office
Building, Chicago, Illinois.
(ii) Agreement of Sale dated June 13, 1997 and attachment
thereto relating to the sale of the 420 North Wabash
Office Building, Chicago, Illinois.
No information is required under Items 1, 3, 4, 5, 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: June 26, 1997