SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): December 17, 1998
Capital Mortgage Plus L.P.
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(Exact Name of Registrant as Specified in Charter)
Delaware
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(State or other Jurisdiction of Incorporation)
0-18491 13-3502020
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(Commission File Number) (IRS Employer Identification Number)
625 Madison Avenue, New York, NY 10022
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 421-5333
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report
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Item 2. Acquisition or Disposition of Assets
On December 17, 1998, Willow Partners, Ltd. (the "Owner"), the owner of Willow
Trace Apartments ("Willow Trace"), prepaid their outstanding FHA Co-Insured
Mortgage Loan (the "Mortgage Loan") and Equity Loan (the "Equity Loan") held by
Capital Mortgage Plus L.P.(the "Partnership") in full. The Mortgage Loan and the
Equity Loan were secured by a mortgage on the Willow Trace property and
partnership interests in the Owner. The outstanding debt prepaid to the
Partnership totaled $5,372,859, including the $4,275,984 outstanding balance of
the Mortgage Loan, the $680,000 Equity Loan, a $213,799 prepayment premium, and
$203,076 of additional interest due pursuant to the loan documents.
The prepayment of the Mortgage Loan and the Equity Loan differs from what CIP
Associates, Inc., the general partner of the Partnership (the "General Partner")
had previously anticipated. As disclosed in the Form 10-Q for the quarterly
period ended September 30, 1998, the General Partner anticipated that the Owner
would refinance the Mortgage Loan with a third party lender and that the Owner
would convert the Equity Loan to a second mortgage loan with participation in
cash flow. However, the Owner opted to prepay both the Mortgage Loan and the
Equity Loan in full together with associated prepayment premiums and additional
interest.
The interest income on the Mortgage Loan recognized during the fiscal year
ending December 31, 1997 was $444,273, and for the nine months ended September
30, 1998 was $314,579.
The Partnership used a portion of the repayment proceeds to pay current
payables, including $490,421 of accrued Partnership management fees owed to the
General Partner, and to replenish reserves. Of the balance of the repayment
proceeds, $4,499,817 ($2.45 per BAC$) will be distributed to the BAC$holders and
$45,453 will be distributed to the General Partner.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a). Financial Statements
Not Applicable
(b). Pro Forma Financial Information
Not Applicable
(c). Exhibits
None
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CAPITAL MORTGAGE PLUS L.P.
(Registrant)
By: CIP ASSOCIATES, INC., General Partner
BY: /s/ Alan P. Hirmes
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Alan P. Hirmes
Senior Vice President
January 4, 1999
