|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: SALOMON BROTHERS OPPORTUNITY FUND INC, N-30D, 1996-04-09 |
Next: SANTA ANITA OPERATING CO, DEF 14A, 1996-04-09 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
-----------------------------
BALCOR EQUITY PROPERTIES LTD.--VIII
(Name of Subject Company)
METROPOLITAN ACQUISITION VII, L.L.C.
MAP VII ACQUISITION CORPORATION
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
-----------------------------
JOHN K. LINES, ESQ.
GENERAL COUNSEL AND SECRETARY
INSIGNIA FINANCIAL GROUP, INC.
ONE INSIGNIA FINANCIAL PLAZA
GREENVILLE, SOUTH CAROLINA 29602
(803) 239-1675
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)
-----------------------------
COPY TO:
JOHN A. HEALY, ESQ.
ROBERT E. KING, JR., ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
-----------------------------
Index to Exhibits Located at Page 4
<PAGE> 2
This Amendment No. 2 amends and supplements the Tender Offer Statement
on Schedule 14D-1 originally filed with the Commission on March 11, 1996, as
amended by Amendment No. 1 filed with the Commission on April 2, 1996 (the
"Schedule") by Metropolitan Acquisition VII, L.L.C. (the "Purchaser"), MAP VII
Acquisition Corporation and Insignia Financial Group, Inc., relating to the
tender offer of the Purchaser to purchase up to 9,002 of the outstanding
limited partnership interests ("Interests") of Balcor Equity Properties Ltd. --
VIII, an Illinois limited partnership, at $260.00 per Interest, net to the
seller in cash, upon the terms and subject to the conditions set forth in the
Offer to Purchase dated March 11, 1996 and the related Assignment of
Partnership Interest (copies of which were filed as Exhibits (a)(2) and (a)(3),
respectively, to the Schedule). Unless the context otherwise requires,
capitalized terms used but not defined in this Amendment No. 2 have the
meanings ascribed to them in the Schedule.
Item 10 of the Schedule is hereby amended and supplemented to include
the following information.
ITEM 10. ADDITIONAL INFORMATION.
(f) The Offer has been extended to 5:00 p.m., New York time, on
Friday, April 12, 1996. On Monday, April 8, 1996, the Purchaser issued a press
release announcing such extension and reporting that approximately 1,362
Interests has been tendered pursuant to the Offer as of the close of business
on April 8, 1996. A copy of the press release has been filed as Exhibit (a)(5)
to this Amendment No. 2 and is incorporated herein by reference in its
entirety.
Item 11 of the Schedule is hereby supplemented to include the exhibits
listed below.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a)(5) Text of press release issued by the Purchaser on April 8, 1996.
(f)(1) Excerpts from the report, dated November 27, 1995, of Alex.
Brown & Sons Incorporated.
2
<PAGE> 3
SIGNATURES
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 9, 1996
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By: /s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
-----------------------------------
Frank M. Garrison
Executive Managing Director
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
(a)(5) Text of press release issued by the Purchaser on April 8, 1996.
(f)(1) Excerpts from the report, dated November 27, 1995, of Alex. Brown & Sons Incorporated.
</TABLE>
4
<PAGE> 1
EXHIBIT 99.(a)(5)
METROPOLITAN ACQUISITION VII, L.L.C.
One Insignia Financial Plaza
Greenville, SC 29602
FOR IMMEDIATE RELEASE
INSIGNIA AFFILIATE EXTENDS TENDER OFFERS FOR LIMITED
PARTNERSHIP INTERESTS IN EIGHT BALCOR LIMITED PARTNERSHIPS
GREENVILLE, SOUTH CAROLINA, April 8, 1996 - Metropolitan Acquisition
VII, L.L.C. today announced that it has extended the expiration date of its
outstanding tender offers for limited partnership interests in the following
partnerships: Balcor Realty Investors Ltd. -- 82, Balcor Realty Investors --
83, Balcor Realty Investors -- 84, Balcor Realty Investors 85 -- Series I,
Balcor Realty Investors 85 -- Series III, Balcor Realty Investors 86 -- Series
I, Balcor Equity Properties Ltd. -- VIII, and Balcor Equity Properties -- XII.
The expiration date for each tender offer has been extended to 5:00 p.m., New
York time, on Friday, April 12, 1996. The offers were previously scheduled to
expire at midnight on Friday, April 5, 1996.
Metropolitan reported that as of the close of business on April 5,
1996, approximately 2,867 interests had been tendered pursuant to the BRI 82
offer, approximately 3,163 interests had been tendered pursuant to the BRI 83
offer, approximately 7,064 interests had been tendered pursuant to the BRI 84
offer, approximately 2,272 interests had been tendered pursuant to the BRI
85-I offer, approximately 2,362 interests had been tendered pursuant to the
BRI 85-III offer, approximately 1,452 interests had been tendered pursuant to
the BRI 86-I offer, approximately 1,362 interests had been tendered pursuant to
the BEP VIII offer, and approximately 2,346 interests had been tendered
pursuant to the BEP XII offer.
Metropolitan is a newly-formed Delaware limited liability company. The
managing member of Metropolitan is a wholly-owned subsidiary of Insignia
Financial Group, Inc. (NYSE: IFS). For further information, please contact
either The Herman Group, Inc. at (800) 647-2543 or Beacon Hill Partners, Inc. at
(800) 253-3814, which are acting as Information Agents for the offers.
# # #
<PAGE> 1
BALCOR
BEP VIII
LIMITED PARTNERSHIP VALUATION SUMMARY
<TABLE>
<CAPTION>
BALANCE SHEET RECAP WORKING CAPITAL AT SALE DATE
- ------------------- ----------------------------
($000's)
4th Qrt 1995 Balcor
09/30/95 1995 Projection
-------- ------- -----------
<S> <C> <C> <C> <C>
Current Assets:
Cash & Equivalents 3,634 Cash Flow Activity:
Resri Investment 0 Op cash flow thru sale date 313 1,253 use 1/4 of Balcor's estimate for 1995
Escrow Deposits 710 Sale proceeds none in 4th quarter
Accounts Receivable 10 Refinance proceeds 0 none in 4th quarter
Prepaid Expenses 105 Collateral activity 0 incl in beg working capital
Other 0 Other cash receipt/pmt 0 incl in beg working capital
------ Distributions (3,018) use actual 4th quarter distribution
4,459 -----
Current Liabilities: (2,705) 1,253
Accounts Payable 54
Due to Affiliates 21 9/30/95 Working Capital 3,867
Accrued Liabilities 414 Sale Date Working Capital 1,162
Security Deposits 103
Other 0
------
592
------
Net Working Capital 3,887
======
Mortgage N/P - Affiliate 0
Mortgage N/P 15,241
<CAPTION>
LIQUIDATION VALUE
- -----------------
Cap Sales Cost of Debt Net Sales BEP VIII PrePmt Net Sales BEP VIII
Property Rate Value Sale Payoff Proceeds Share Penalty Proceeds Share
- -------- ---- ----- ------- ------ --------- ------ ------- --------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cedar Creek I 10.50 3,802 (76) (2,335) 1,391 1,391 (117) 1,274 1,274
Cedar Creek II 10.50 5,006 (100) (2,777) 2,129 2,129 (139) 1,990 1,990
Walnut Hill I 10.00 4,871 (97) (3,182) 1,592 1,592 (159) 1,433 1,433
Walnut Hill II 10.00 6,086 (122) (3,844) 2,120 2,120 (192) 1,928 1,928
Greentree Village 10.25 8,906 (178) (3,085) 5,643 5,643 0 5,643 5,643
------ ------- ------- ------ ------ ------ ------ ------
Totals 28,672 (573) (15,223) 12,875 12,875 (607) 12,268 12,268
Working Capital Balance 1,162 1,162
------
Total Liquidation Proceeds 14,037 13,431
GP Share Proceeds 0 0% 0
LP Share Proceeds 14,037 100% 13,431
Per Unit ($) 468 30,005 units 448
% of Original Capital 47% $1,000 original 45%
unit cost
</TABLE>
<PAGE> 2
BALCOR
BEP VIII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C>
Property Name Cedar Creek I Date of Sale 12/31/95
Location San Antonio, TX Repl Res per unit 400
Type Apartment Cap Rate 10.50
Constructed 1979 Income Growth 2.5%
Units 176 Expense Growth 3.5%
Ownership % 100%
12/95 Debt Balance 2,335 Asset Mgr Reid Reynolds 708-319-4395
Prepayment Penalty 117 5% Brkr Contact Robert J. Wandrisco
Property Tax Rate 2.78% Grubb & Ellis
210-377-1700
<CAPTION>
OPERATING RESULTS
- -----------------
($000'S)
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 Oct-95 Oct-95 PROFORMA
------ ------ ------ ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 67 855 888 713 856 877
Service Income 1 8 9 6 7 7
Other Income 13 164 1 105 126 129
----- ----- ----- ----- ----- -----
Total Income 81 1,027 898 824 989 1,014
Income Growth 1167.9% -12.6% 10.1% 2.5%
per unit
--------
Operating Expenses 54 439 429 337 404 419 2,378
Expense Growth 713.0% -2.3% 65 -5.7% 3.5%
Property Taxes 0 138 127 107 128 108 801
Insurance 0 25 19 34 19 20 112
----- ----- ----- ----- ----- -----
Total Expenses 54 609 575 543 552 544
----- ----- ----- ----- ----- -----
Net Operating Income 27 418 323 281 437 470
Capital Expenditures 43 103 72 62
<CAPTION>
Value
w/Prepmt
Penalty
--------
<S> <C> <C>
Replacement Reserve 70
NOI for cap rate valuation 399
Valuation Conclusion 3,802 3,802
Cost of Sale (2%) (76) (76)
Prepayment Penalty (117)
Mortgage Payoff (2,335) (2,335)
------- -------
Net Sale Proceeds 1,391 1,274
======= =======
BEP VIII Share of Proceeds 1,391 1,274
------- -------
<CAPTION>
COMP ANALYSIS
- -------------
Property # Units Sale Date Price Per Unit Comments
- -------- ------- -------- ----- -----------------
<S> <C> <C> <C> <C>
Cedar Creek I 176 Dec-95 3,802 22
Dublin Square 156 Mar-95 6,500 41
Shallow Creek 208 Jan-95 6,090 29
Winridge 276 Oct-95 8,400 30
Wellington Place 269 Sept-94 10,300 38
Wolf Run 216 Jun-94 6,565 29
</TABLE>
<PAGE> 3
BALCOR
BEP VIII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C>
Property Name Cedar Creek II Date of Sale 12/31/95
Location San Antonio, TX Repl Res per unit 400
Type Apartments Cap Rate 10.50
Constructed 1979 Income Growth 2.5%
Units 216 Expense Growth 3.5%
Ownership % 100%
12/95 Debt Balance 2,777 Asset Mgr. Reid Reynolds 708-319-4395
Prepayment Penalty 139 5% Brkr Contact Robert J. Wandrisco
Property Tax Rate 2.78% Grubb & Ellis
210-377-1700
<CAPTION>
OPERATING RESULTS
- -----------------
($000'S) ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 Oct-95 Oct-95 PROFORMA
----- ----- ------ ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 75 1,054 1,100 863 1,036 1,061
Service Income 1 17 17 15 18 18
Other Income 9 73 73 47 56 58
----- ------- ----- ----- ------ -----
Total Income 85 1,144 1,190 925 1,110 1,136
Income Growth 1245.9% 4.0% -0.7% 2.5%
per unit
--------
Operating Expenses 30 392 413 297 356 369 1,708
Expense Growth 1206.7% 5.4% -13.7% 3.5%
Property Taxes 0 103 108 138 166 139 844
Insurance 0 28 17 40 17 18 81
----- ------- ----- ----- ------ -----
Total Expenses 30 535 538 475 539 526
----- ------- ----- ----- ------ -----
Net Operating Income 55 609 652 450 571 612
Capital Expenditures 20 140 83 68
<CAPTION>
Value
W/Prepmt
Penalty
--------
<S> <C> <C>
Replacement Reserve 86
NOI for cap rate valuation 526
Valuation Conclusion 5,006 5,006
Cost of Sale (100) (100)
Prepayment Penalty (139)
Mortgage Payoff (2,777) (2,777)
------- -------
Net Sales Proceeds 2,129 1,990
======= =======
BEP VIII Share of Proceeds 2,129 1,990
------- -------
<CAPTION>
COMP ANALYSIS
- -------------
Property # Units Sale Date Price Per Unit
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cedar Creek II 216 Dec-95 5,006 23
Dublin Square 156 Mar-95 6,500 41
Shallow Creek 208 Jan-95 6,090 29
Winridge 276 Oct-94 8,400 30
Wellington Place 269 Sept-94 10,300 38
Wolf Run 216 Jun-94 6,365 29
</TABLE>
<PAGE> 4
BALCOR
BEP VIII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C>
Property Name Walnut Hill I Date of Sale 12/31/95
Location San Antonio, TX Repl Res per unit 300
Type Apartments Cap Rate 10.00
Constructed 1980 Income Growth 3.0%
Units 192 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 3,182 ??????? Asset Mgr Reid Reynolds 708-317-4395
Prepayment Penalty 159 5% Brkr Contract Robert J. Wandrisco
Property Tax Rate 2.78% Grubb & Ellis
210-377-1700
<CAPTION>
OPERATING RESULTS
- -----------------
($000'S) ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 Oct-95 Oct-95 PROFORMA
-------------------------------------------------------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Rental Income 77 924 985 824 989 1,018
Service Income 1 21 22 16 19 20
Other Income 3 27 28 20 24 25
----- ------- ----- ----- ----- -----
Total Income 81 972 1,035 860 1,032 1,063
Income Growth 1100.0% 0.5% -0.3% 3.0%
per unit
--------
Operating Expenses 32 319 344 288 346 356 1,854
Expense Growth 895.9% 7.8% 0.5% 3.0%
Property Taxes 0 165 107 177 212 135 705
Insurance 0 36 26 33 26 27 139
----- ------- ----- ----- ----- -----
Total Expense 32 529 477 498 584 518
----- ------- ----- ----- ----- -----
Net Operating Income 49 443 558 362 448 545
Capital Expenditures 13 90 81 68
<CAPTION>
Value
W/Prepmt
Penalty
--------
<S> <C> <C>
Replacement Reserve 58
NOI for cap rate valuation 487
Valuation Conclusion 4,871 4,871
Cost of Sale (2%) (97) (97)
Prepayment Penalty (159)
Mortgage Payoff (3,182) (3,182)
------- -------
Net Sales Proceeds 1,592 1,433
======= =======
BEP III Share of Proceeds 1,592 1,433
------- -------
<CAPTION>
COMP ANALYSIS
- -------------
Property # Units Sale Date Price Per Unit
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Walnut Hill I 192 Dec-95 4,871 25
Dublin Square 156 Mar-95 6,500 41
Shallow Creek 208 Jan-95 6,090 29
Winridge 276 Oct-94 8,400 30
Wellington Place 269 Sept-94 10,300 38
Wolf Run 216 Jun-94 6,365 29
</TABLE>
<PAGE> 5
BALCOR
BEP VIII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C>
Property Name Walnut Hill II Date of Sale 12/31/95
Location San Antonio, TX Repl Res per unit 300
Type Apartments Cap Rate 10.00
Constructed 1980 Income Growth 3.0%
Units 232 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 3,844 ??????? Asset Mgr Reid Reynolds 708-319-4395
Prepayment Penalty 192 5% Brkr Contact Robert J. Wandrisco
Property Tax Rate 2.78% Grubb & Ellis
210-377-1700
<CAPTION>
OPERATING RESULTS
- -----------------
($000'S)
ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 Oct-95 Oct-95 PROFORMA
------ ------ ------ ------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 86 1,149 1,234 1,009 1,210 1,247
Service Income 1 29 29 21 25 26
Other Income 2 21 21 26 31 32
----- ----- ----- ----- ----- -----
Total Income 89 1,199 1,284 1,056 1,267 1,305
Income Growth 1247.2% 7.1% -1.4% 3.0%
per unit
--------
Operating Expenses 28 391 415 349 419 431 1,859
Expense Growth 1290.4% 6.1% 0.9% 3.0%
Property Taxes 0 153 160 161 193 169 729
Insurance 0 36 25 39 25 26 111
----- ----- ----- ----- ----- -----
Total Expenses 28 593 600 549 637 626
----- ----- ----- ----- ----- -----
Net Operating Income 61 606 684 507 630 678
Capital Expenditures 18 100 94 80
<CAPTION>
Value
w/Prepmt
Penalty
--------
<S> <C> <C>
Replacement Reserve 70
NOI for cap rate valuation 609
Valuation Conclusion 6,086 6,086
Cost of Sale (2%) (122) (122)
Prepayment Penalty (192)
Mortgage Payoff (3,844) (3,844)
------- -------
Net Sale Proceeds 2,120 1,928
======= =======
BEP VII Share of Proceeds 2,120 1,928
------- -------
<CAPTION>
COMP ANALYSIS
- -------------
Property # Units Sale Date Price Per Unit
- -------- ------- -------- ----- -----------------
<S> <C> <C> <C> <C>
Walnut Hill II 232 Dec-95 6,086 26
Dublin Square 156 Mar-95 6,500 41
Shallow Creek 208 Jan-95 6,090 29
Winridge 276 Oct-94 8,400 30
Wellington Place 269 Sept-94 10,300 38
Wolf Run 216 Jun-94 6,385 29
</TABLE>
<PAGE> 6
BALCOR
BEP VIII
ASSET VALUATION SUMMARY
<TABLE>
<CAPTION>
PROPERTY INFORMATION MAJOR SALE ASSUMPTIONS
- -------------------- ----------------------
<S> <C>
Property Name Greentree Village Date of Sale 12/31/95
Location Colorado Springs, CO Repl Res per unit 400
Type Apartments Cap Rate 10.25
Constructed 1975 Income Growth 3.0%
Units 216 Expense Growth 3.0%
Ownership % 100%
12/95 Debt Balance 3,085 Asset Mgr Gregg Handich 708-317-4335
Prepayment Penalty none Brkr Contact Doug Carter direct 719-630-2673
Property Tax Rate 0.84 Palmer/McAllister Co., Inc.
719-630-2222
<CAPTION>
OPERATING RESULTS
- -----------------
($000'S) ACTUAL ACTUAL BUDGET YTD ANNUALIZED VALUATION
1993 1994 1995 Oct-95 Oct-95 PRO FORMA
---------------------------------------------------------------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Rental Income 1,056 1,241 1,350 1,147 1,376 1,418
Service Income 127 122 126 105 126 130
Other Income 29 22 30 26 31 32
----- ----- ----- ----- ----- -----
Total Income 1,212 1,385 1,506 1,278 1,534 1,580
Income Growth 14.3% 8.7% 1.8% 3.0% per unit
--------
Operating Expenses 431 448 491 384 461 475 2.197
Expense Growth 3.9% 9.6% -6.2% 3.0%
Property Taxes 37 25 26 25 30 75 348
Insurance 12 41 30 35 30 31 143
----- ----- ----- ----- ----- -----
Total Expenses 480 514 547 444 521 580
----- ----- ----- ----- ----- -----
Net Operating Income 732 871 959 834 1,013 999
Capital Expenditures 211 154 190 165
<CAPTION>
Value
w/Prepmt
Penalty
--------
<S> <C> <C>
Replacement Reserve 86
NOI for cap rate valuation 913
Valuation Conclusion 8,906 8,906
Cost of Sale (2%) (178) (178)
Prepayment Penalty 0
Mortgage Payoff (3,085) (3,085)
------- -------
Net Sales Proceeds 5,643 5,643
======= =======
BEP VIII Share of Proceeds 5,643 5,643
-------- -------
<CAPTION>
COMP ANALYSIS
- -------------
Property # Units Sale Date Price Per Unit
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Greentree Village 216 Dec-95 8,906 41
Berkshire 312 1995 11,550 37
</TABLE>
|
|