UNITED STATES
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) December 15, 2011
(Exact name of Registrant as specified in its charter)
Massachusetts | 0-14578 | 04-2825863 |
(State or other jurisdiction | (Commission | (I.R.S. Employer |
of incorporation) | File Number) | Identification Number) |
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
HCW Pension Real Estate Fund Limited Partnership (the Partnership or Registrant), a Massachusetts limited partnership, owned Lewis Park Apartments (Lewis Park), a 269-unit apartment complex located in Carbondale, Illinois. As previously reported, on September 13, 2011 (the Effective Date), the Partnership entered into a Purchase and Sale Contract (the Purchase Agreement) with a third party, Capstone Development Corp., an Alabama corporation, to sell Lewis Park for a total sales price of $11,200,000.
As previously reported, on November 29, 2011, Capstone Development Corp. assigned the Purchase Agreement to an affiliate, CDC-Carbondale, LLC (the Purchaser), an Alabama limited liability company. As previously reported, the Partnership and the Purchaser also entered into a First Amendment to the Purchase and Sale Contract (the First Amendment), on November 29, 2011, pursuant to which the sales price was reduced to $10,300,000 and the expected closing date was extended from December 2, 2011 to December 29, 2011. In addition, pursuant to the First Amendment, the Purchaser agreed to pay any and all yield maintenance fees, defeasance fees, prepayment fees or fees of a similar nature in connection with the payment of the existing mortgage encumbering Lewis Park (the Prepayment Fee); however, the Purchaser would not be required to pay more than $900,000 for the Prepayment Fee.
On December 15, 2011, the Partnership sold Lewis Park to the Purchaser for a total sales price of $10,300,000.Lewis Park was the Partnerships sole remaining investment property.
In accordance with the terms of the Registrants Partnership Agreement, the Registrants general partner is currently evaluating the cash requirements of the Registrant to determine what portion of the sale proceeds will be available to distribute to its partners.
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.
HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP
By: HCW General Partner, Ltd., |
General Partner |
By: IH, Inc.,
Managing General Partner
By: /s/Stephen B. Waters
Stephen B. Waters
Senior Director of Partnership Accounting
Date: December 19, 2011