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): January 27, 2011 (January 23,
2011)
Behringer
Harvard Short-Term Opportunity
Fund
I LP
|
(Exact
Name of Registrant as Specified in Its
Charter)
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Texas
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000-51291
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71-0897614
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||
(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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15601
Dallas Parkway, Suite 600, Addison, Texas
75001
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(Address
of principal executive offices)
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(Zip
Code)
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(866)
655-1620
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(Registrant’s
telephone number, including area code)
|
None
|
(Former
name or former address, if changed since last
report)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.04 Triggering
Events That Accelerate or Increase a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement.
Behringer
Harvard Quorum I LP (“Borrower”), a wholly-owned subsidiary of Behringer Harvard
Short-Term Opportunity Fund I LP (which may be referred to herein as the
“Registrant,” “we,” “our,” or “us”), is currently the borrower under a loan
agreement with Sterling Bank (“Lender”), whereby the Borrower borrowed $10
million (“Loan Agreement”), which is secured by a deed of trust on a seven-story
office building owned by the Borrower containing approximately 133,800 rentable
square feet, parking garage and nine-lane drive-thru bank facility, located on
approximately 3.9 acres of land (“Quorum Property”) in Addison, Texas, a suburb
of Dallas, Texas. While the Borrower has been in negotiations with
Lender to restructure the Loan Agreement, the $10 million principal balance of
the Loan Agreement, together with all accrued but unpaid interest, matured on
January 23, 2011. The Borrower did not pay the balance on January 23,
which constitutes an event of default under the Loan Agreement. As a
result, past due amounts under the Loan Agreement may bear interest at up to 18%
per annum during the default period. We have remained and continue to
remain current on payments due under the Loan Agreement. We continue
to negotiate with the Lender, but there are no assurances that we
will be successful in our negotiations to obtain a waiver of the default or
extend the loan agreement.
In
addition to the deed of trust securing the Quorum Property, the Registrant has
guaranteed full repayment of the obligation under the Loan Agreement in the
event that, among other things, the Borrower becomes insolvent or enters into
bankruptcy proceedings. In the event that the lender demanded
immediate payment of the entire loan balance, we would have to evaluate all
available alternatives, including transferring legal possession of the Quorum
Property to the Lender under the deed of trust, as the Loan Agreement is
recourse to us.
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.
BEHRINGER
HARVARD SHORT-TERM OPPORTUNITY FUND I LP
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By:
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Behringer
Harvard Advisors II LP,
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Co-General
Partner
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Dated: January 27, 2011 | By: | /s/ Gary S. Bresky | |
Gary S. Bresky | |||
Chief Financial Officer |