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) July 31, 2010
CENTURY PROPERTIES FUND XVI
(Exact name of Registrant as specified in its charter)
California |
0-10435 |
94-2704651 |
(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))
Item 1.01 Entry Into a Material Definitive Agreement
Please see the description under Item 2.03 below.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
Century Properties Fund XVI, a California limited partnership (the Registrant), owns a 100% interest in Woods of Inverness CPF 16, L.P., a Delaware limited partnership (the Partnership). The Partnership owns Woods of Inverness Apartments (Woods of Inverness), a 272-unit apartment complex located in Houston, Texas. As previously disclosed, the mortgage debt encumbering Woods of Inverness is financed under a secured real estate credit facility (Secured Credit Facility) with AEGON USA Realty Advisors, LLC, an Iowa limited liability company (AEGON). The Secured Credit Facility has a maturity date of October 1, 2010 (the Initial Maturity Date), with two one-year extension options. The Secured Credit Facility provides mortgage loans on properties owned by other partnerships that are affiliated with the managing general partner (the Managing General Partner) of the Registrant.
On July 31, 2010, an affiliate of the Managing General Partner exercised its option to extend the maturity date of the Secured Credit Facility to October 1, 2011. In addition, an affiliate of the Managing General Partner paid an extension fee of approximately $86,000, approximately $26,000 of which was allocated to the Registrant. If the Registrant repays the mortgage loan encumbering Woods of Inverness prior to the Initial Maturity Date, the portion of the extension fee allocated to the Registrant will be refunded.
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.
CENTURY PROPERTIES FUND XVI
By: Fox Capital Management Corporation
Managing General Partner
By: /s/Stephen B. Waters
Stephen B. Waters
Senior Director of Partnership Accounting
Date: August 5, 2010