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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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, 1995
EREIM LP ASSOCIATES
(Exact name of registrant as specified in governing instrument)
New York 33-11064 58-1739527
(State of organization) (Commission File No.) (IRS Employer Identification No.)
787 Seventh Avenue, New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 554-1926
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ITEM 5. OTHER EVENTS
EML Associates (the "Venture") is a joint venture owned 80% by ML/EQ Real
Estate Portfolio, L.P., a Delaware limited partnership (the "Partnership"), and
20% by EREIM LP Associates, an affiliate of The Equitable Life Assurance
Society of the United States ("Equitable"). The Venture holds a 71.66%
participation interest in a zero coupon mortgage note (the "Note") which is
secured by Brookdale Center, a regional shopping mall which is located outside
of Minneapolis, Minnesota. Equitable holds the remaining 28.34% participation
interest in the Note.
The borrower on the Note, Midwest Real Estate Shopping Center L.P.
("Midwest"), defaulted on its obligations to repay the Note in full when it
matured on June 30, 1995. The Venture's portion of the entire amount of
principal and accrued interest due on the maturity date, June 30, 1995,
totalled $25,345,353. Notice of default has been given to Midwest, and the
Venture and Equitable are evaluating a number of options including foreclosure,
a restructuring of the loan, or an extension of the maturity date. As
previously reported, Midwest is currently attempting to sell Brookdale Center.
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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, thereunto duly authorized on the 19th of July, 1995.
EREIM LP ASSOCIATES
By: EREIM LP CORP.
(General Partner)
By: /s/ Steven S. Stern
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Steven S. Stern
Senior Vice President,
Treasurer and Director
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