SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 30, 1997
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
(Exact name of Small Business Issuer as Specified in Its Charter)
DELAWARE 0-14752 35-1665759
(State or Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
14160 DALLAS PARKWAY, SUITE 300, DALLAS, TEXAS 75240
(Address of Principal Executive Offices, including zip code)
(214) 770-5600
(Issuer's Telephone Number, Including Area Code)
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Item 5. Other Events.
On June 30, 1997, the Partnership entered into a loan agreement with
Lehman Brothers Holdings, Inc., d/b/a Lehman Capital, a division of Lehman
Brothers Holdings, Inc., pursuant to which the Partnership borrowed $70,000,000
of a $77,000,000 loan commitment (the "Lehman Loan"). The Lehman Loan bears a
floating rate of interest based on the London Interbank Offered Rate plus 1/2 of
1%. The Lehman Loan is due and payable on December 31, 1997 (unless paid
earlier). The Partnership pledged all of its assets to secure the Lehman Loan.
The Partnership has used the loan proceeds to repay $5,538,000, including
accrued interest, it had borrowed under its revolving $17,500,000 open end
mortgage commitment which it obtained from an unaffiliated banking institution.
In addition, approximately $7,000,000 of the Lehman Loan is anticipated to be
used in connection with the proposed expansion of the Cottonwood Retirement
Community, one of the Partnership's four congregate care properties, and
$64,500,000 has been used to purchase a ninety-day Treasury Bill pursuant to a
Purchase Agreement which was also pledged as security for the Lehman Loan (the
"Treasury Bill"). Under the terms of the Lehman Loan, the Treasury Bill is
treated as a restricted cash asset. All the costs and expenses incurred by the
Partnership, including commitment fees and attorneys fees (both for the
Partnership and Lehman Brothers) were paid from the Lehman Loan.
Effective July 1, 1997, the Partnership acquired 295,761 additional Units in
HealthCare Properties, L.P. ("HCP"), resulting in ownership by the Partnership
of 55.05% of the outstanding Units In HCP.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired
Financial statements are incorporated by reference as part of
this Report.
(b) Pro Forma Financial Information
It is impracticable to file the pro forma financial
information required by Item 7(b) with the initial filing of
this Report on Form 8-K. Such pro forma information will
either be filed by an amendment to this Report as soon as
practicable and within 60 days after the required filing date
for this Report or reflected in the financial statements of
Form 10Q for the period ended June 30, 1997 for Capital Senior
Living Communities, L.P.
(c) Exhibits.
The following exhibits are included as part of this Report:
Description
1996 Form 10K for Healthcare Properties, L.P. (Commission File No. 0-17695)
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SIGNATURES
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.
July 14, 1997
RETIREMENT LIVING COMMUNITIES, L.P.
By: CAPITAL RETIREMENT GROUP, INC.,
General Partner
By: /s/James A. Stroud
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Name: James A. Stroud
Title: Chief Operating Officer
