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) February 2, 1995
BALCOR PREFERRED PENSION-12
A REAL ESTATE LIMITED PARTNERSHIP
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Exact Name of Registrant
Illinois 0-17653
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State or other jurisdiction Commission File Number
of organization
Balcor Plaza
4849 Golf Road
Skokie, Illinois 36-3523598
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Address of principal I.R.S. Employer
executive offices Identification
60077
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Zip Code
Registrant's telephone number, including area code:
(708) 677-2900
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
45 West 45th Street
In 1988 and 1989, Balcor Mortgage Advisors, Inc. ("BMA"), acting as nominee for
the Partnership and three affiliated limited partnerships (together, the
"Participants"), funded a $23,000,000 loan to 45 West 45th Street Associates, a
New York general partnership, collateralized by a first priority lien on the 45
West 45th Street office building, New York City, New York (the "Property").
The Partnership's share of the loan is $5,000,000, for a participating
percentage of approximately 22%.
In September 1991, the loan was placed in default due to the failure of the
borrower to make payments due under the terms of the loan. After modification
negotiations were unsuccessful, the borrower agreed to an uncontested
foreclosure in October 1994. On January 23, 1995, the Participants were the
successful bidder at the foreclosure sale and, on February 2, 1995, a limited
partnership in which each of the Participants holds an interest equal to its
participating percentage in the loan obtained title to the Property.
An unaffiliated party has been retained to provide management services for the
Property and will receive a fee of 2% of the gross receipts from the Property.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS:
None
(B) PRO FORMA FINANCIAL INFORMATION:
None
(C) EXHIBITS:
None
No information is required under Items 1, 3, 4, 5, 6, 7 and 8 and these items
have, therefore, been omitted.
Signature
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 PREFERRED PENSION-12
A REAL ESTATE LIMITED PARTNERSHIP
By: Balcor Mortgage Advisors-VIII,
its general partner
By: The Balcor Company,
a partner
By: /s/ Jerry M. Ogle
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Jerry M. Ogle, Vice President
and Secretary
Dated: February 16, 1995
