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 9, 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 the 420 North Wabash Office Building, Chicago, Illinois (the
"Building"), and a leasehold interest in the land underneath the Building (the
"Land"). In 1992, the Partnership obtained title to the Building and the
leasehold interest in the Land pursuant to a deed in lieu of foreclosure.
On May 9, 1997, the Partnership contracted to sell the Building and the
leasehold interest in the Land for a sale price of $5,200,000 to an
unaffiliated party, Friedman Properties, Ltd., an Illinois corporation. The
purchaser has deposited $100,000 into an escrow account as earnest money and,
unless the agreement of sale is otherwise terminated, the purchaser is
obligated to deposit an additional $150,000 as additional earnest money upon
the completion of the purchaser's due diligence review. The remaining portion
of the sale price will be payable in cash at closing, which is scheduled to
occur on July 23, 1997. From the proceeds of the sale, the Partnership will
pay $104,000 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 $5,096,000, 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 5. OTHER EVENTS
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Hammond Aire Plaza
As previously reported, on March 18, 1997, the Partnership contracted to sell
the Hammond Aire Plaza shopping center, Baton Rouge, Louisiana, to an
unaffiliated party, Crosstown Asset Corp. I, a Delaware corporation. The sale
price is $13,800,000. The purchaser assigned its rights under the agreement of
sale to an affiliate, CEP Investors VII, L.P., a Delaware limited partnership.
The closing date was extended and the sale closed on May 22, 1997. From the
proceeds of the sale, the Partnership paid $345,000 as a brokerage commission
to an affiliate of the third party providing property management services for
the property and $32,632 in closing costs. From the proceeds of the sale,
$310,000 has been placed in escrow until such time as certain survey and other
matters are resolved. Including the escrowed funds, the Partnership will
receive the remaining proceeds of approximately $13,422,000.
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 420 North Wabash Office Building, Chicago, Illinois.
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: May 23, 1997
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