SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-Q

(Mark One)

  X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
     EXCHANGE ACT OF 1934.


For the quarterly period ended September 30, 1995
                               ------------------
                                      OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
     EXCHANGE ACT OF 1934.

For the transition period from              to             
                               ------------    ------------

Commission file number 0-14332
                       -------

                        BALCOR PENSION INVESTORS-VI         
          -------------------------------------------------------
          (Exact name of registrant as specified in its charter)

          Illinois                                      36-3319330    
-------------------------------                     -------------------
(State or other jurisdiction of                      (I.R.S. Employer  
incorporation or organization)                      Identification No.)

2355 Waukegan Road, Suite A200
Bannockburn, Illinois                                     60015    
----------------------------------------            ------------------- 
(Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code (708) 267-1600
                                                    -------------

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.



Yes   X    No     
    -----     -----
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                                BALANCE SHEETS
                   September 30, 1995 and December 31, 1994
                                  (Unaudited)

                                    ASSETS

                                                1995             1994
                                          ---------------  ---------------
Cash and cash equivalents                 $   22,140,991   $   31,007,746
Restricted investment                            700,000          700,000
Accounts and accrued interest receivable       2,425,368        2,554,367
Prepaid expenses                                 476,140          106,824
Deferred expenses, net of accumulated        
  amortization of $941,690 in 1995 and 
  $713,230 in 1994                             1,160,925        1,196,673
                                          ---------------  ---------------
                                              26,903,424       35,565,610
                                          ---------------  ---------------
Investment in loans receivable:              
  Loan receivable - first mortgage                              9,635,000
  Investment in acquisition loan               4,443,550        4,467,124
Less:
  Allowance for potential loan losses            274,594        1,308,594
                                          ---------------  ---------------
Net investment in loan receivable              4,168,956       12,793,530
Real estate held for sale (net of
  allowance of $7,965,000 in 1995 and
  1994)                                      128,798,974      128,278,146
Investment in joint ventures with
   affiliates                                 21,154,296       13,352,386
                                          ---------------  ---------------
                                             154,122,226      154,424,062
                                          ---------------  ---------------
                                          $  181,025,650   $  189,989,672
                                          ===============  ===============

                       LIABILITIES AND PARTNERS' CAPITAL

Accounts and accrued interest payable     $    1,004,186   $      505,648
Due to affiliates                                 54,588          174,178
Other liabilities, principally
   real estate taxes                           1,906,506          905,270
Security deposits                                643,510          645,604
Mortgage note payable                         15,700,000       15,700,000
                                          ---------------  ---------------
    Total liabilities                         19,308,790       17,930,700
                                          ---------------  ---------------

Affiliates' participation in joint
  ventures                                    19,575,733       19,172,172

Partners' capital (1,382,562 Limited
  Partnership Interests issued and
  outstanding)                               142,141,127      152,886,800
<PAGE>
                                          ---------------  ---------------
                                          $  181,025,650   $  189,989,672
                                          ===============  ===============



The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
             for the nine months ended September 30, 1995 and 1994
                                  (Unaudited)

                                                1995             1994
                                          ---------------  ---------------
Income:
  Interest on loans receivable and from
    investment in acquisition loan        $      699,106   $    1,681,752
  Income from operations of real estate 
    held for sale                              9,081,223        8,152,065
  Interest on short-term investments           1,211,829        1,274,448
  Participation income                                          3,000,000
                                          ---------------  ---------------
      Total income                            10,992,158       14,108,265
                                          ---------------  ---------------
Expenses:
  Provision for potential losses on loans,
     real estate and accrued interest 
     receivable                                                 3,900,000
  Amortization of deferred expenses              228,460          166,834
  Administrative                                 940,772        1,118,114
                                          ---------------  ---------------
      Total expenses                           1,169,232        5,184,948
                                          ---------------  ---------------
Income before joint venture participations     9,822,926        8,923,317

Participation in (loss) income of joint
  ventures - affiliates                         (292,929)         863,359
Equity in loss from investment in 
  acquisition loan                               (23,574)         (30,308)
Affiliates' participation in income of 
  joint ventures                              (1,237,260)        (463,867)
Gain on disposition of property                                   818,379
                                          ---------------  ---------------
Net income                                $    8,269,163   $   10,110,880
                                          ===============  ===============
Net income allocated to General Partner   $      826,916   $    1,011,088
                                          ===============  ===============
Net income allocated to Limited Partners  $    7,442,247   $    9,099,792
                                          ===============  ===============
Net income per Limited Partnership
  Interest (1,382,562 issued and
  outstanding)                            $         5.38   $         6.58
                                          ===============  ===============
Distributions to General Partner          $    1,013,879   $    1,228,944
                                          ===============  ===============
Distributions to Limited Partners         $   18,000,957   $   51,431,306
                                          ===============  ===============
Distributions per Limited Partnership
  Interest                                $        13.02   $        37.20
                                          ===============  ===============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
              for the quarters ended September 30, 1995 and 1994
                                  (Unaudited)

                                                1995             1994
                                          ---------------   ---------------
Income:
  Interest on loans receivable and from
    investment in acquisition loan        $      144,024   $      521,269
  Income from operations of real estate      
    held for sale                              2,648,795        2,421,290
  Interest on short-term investments             326,775          388,329
                                          ---------------  ---------------
      Total income                             3,119,594        3,330,888
                                          ---------------  ---------------
Expenses:
   Provision for potential losses on loans,
     real estate and accrued interest
     receivable                                                 3,900,000
  Amortization of deferred expenses               82,125           58,727
  Administrative                                 282,829          215,317
                                          ---------------  ---------------
      Total expenses                             364,954        4,174,044
                                          ---------------  ---------------
Income (loss) before joint venture 
  participations                               2,754,640         (843,156)

Participation in (loss) income of joint
  ventures - affiliates                         (752,278)         215,961
Equity in loss from investment in 
  acquisition loan                                (9,141)         (10,108)
Affiliates' participation in (income)
  loss of joint ventures                        (281,136)         330,725
Gain on disposition of property                                   818,379
                                          ---------------  ---------------
Net income                                $    1,712,085   $      511,801
                                          ===============  ===============
Net income allocated to General Partner   $      171,208   $       51,180
                                          ===============  ===============
Net income allocated to Limited Partners  $    1,540,878   $      460,621
                                          ===============  ===============
Net income per Limited Partnership           
  Interest (1,382,562 issued and
  outstanding)                            $         1.11   $         0.33
                                          ===============  ===============
Distribution to General Partner           $      399,407   $      307,236
                                          ===============  ===============
Distribution to Limited Partners          $    9,014,304   $   17,973,306
                                          ===============  ===============
Distribution per Limited Partnership
  Interest                                $         6.52   $        13.00
                                          ===============  ===============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)
                                          
                            STATEMENT OF CASH FLOWS
             for the nine months ended September 30, 1995 and 1994
                                  (Unaudited)

                                                1995             1994
                                          ---------------  ---------------
Operating activities:
  Net income                              $    8,269,163   $   10,110,880
  Adjustments to reconcile net income to
    net cash provided by operating
    activities:
      Gain on disposition of property                            (818,379)
      Participation in loss (income) of 
        joint ventures - affiliates              292,929         (863,359)
      Equity in loss from investment in 
        acquisition loan                          23,574           30,308
      Affiliates' participation in income
        of joint ventures                      1,237,260          463,867
      Amortization of deferred expenses          228,460          166,834
      Provision for potential losses on
        loans, real estate and accrued
        interest receivable                                     3,900,000
      Net change in:
        Escrow deposits - restricted                              238,983
        Accounts and accrued interest 
          receivable                             128,999         (673,239)
        Prepaid expenses                        (369,316)          35,585
        Accounts and accrued interest
          payable                                498,538          (16,055)
        Due to affiliates                       (119,590)         161,968
        Other liabilities                      1,001,236          447,185
        Security deposits                         (2,094)          (1,796)
                                          ---------------  ---------------
  Net cash provided by operating             
   activities                                 11,189,159       13,182,782
                                          ---------------  ---------------

Investing activities:
  Distribution from joint ventures -
    affiliates                                   645,060          621,387
  Contribution to joint ventures -
    affiliates                                  (138,899)
  Collection of principal payments on
    loans receivable                                           21,637,000
  Improvements to properties                    (520,828)        (727,348)
  Payment of deferred expenses                  (192,712)        (205,580)
  Proceeds from disposition
    of real estate                                              8,325,000
                                          ---------------   ---------------
  Net cash used in or provided by
   investing activities                         (207,379)      29,650,459
                                          ---------------   ---------------

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                           STATEMENTS OF CASH FLOWS
             for the nine months ended September 30, 1995 and 1994
                                  (Unaudited)
                                  (Continued)

                                                1995             1994
                                          ---------------  ---------------
Financing activities:
  Distributions to Limited Partners       $  (18,000,957)  $  (51,431,306)
  Distributions to General Partner            (1,013,879)      (1,228,944)
  Distributions to joint venture
    partners - affiliates                       (833,699)        (839,963)
  Capital contributions by joint venture 
    partners - affiliates                                         135,301
  Repayment of underlying loan payable                         (5,434,419)
  Principal payments on mortgage
    notes payable                                                (123,249)
                                          ---------------  ---------------
  Net cash used in financing activities      (19,848,535)     (58,922,580)
                                          ---------------  ---------------

Net change in cash and cash equivalents       (8,866,755)     (16,089,339)

Cash and cash equivalents at beginning 
  of period                                   31,007,746       48,820,877
                                          ---------------  ---------------
Cash and cash equivalents at end of
  period                                  $   22,140,991   $   32,731,538
                                          ===============  ===============













The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

1. Accounting Policy:

Several reclassifications have been made to the previously reported 1994
statements to conform with the classifications used in 1995, including mortgage
servicing fees which have been reclassified and are included in administrative
expenses during 1995. These reclassifications have not changed the 1994
results. In the opinion of management, all adjustments necessary for a fair
presentation have been made to the accompanying statements for the nine months
and quarter ended September 30, 1995, and all such adjustments are of a normal
and recurring nature.

2. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates for the
nine months and quarter ended September 30, 1995 are:

                                          Paid          
                                     ----------------------
                                     Nine Months   Quarter     Payable
                                     -----------   --------    ---------     
   Mortgage servicing fees              $ 27,732   $  5,916      $   957
   Reimbursement of expenses to
     the General Partner, at cost        345,827     38,223       53,631
       

3. Investment in Joint Ventures with Affiliates:

(a) The Partnership and three affiliates previously funded a $23,000,000 loan
on the 45 West 45th Street Office Building. In February 1995, the Partnership
and three affiliates received title to the property through foreclosure. The
Partnership owns a 41.3% joint venture interest in the property.  The
Partnership's investment in the property was reclassified to investment in
joint ventures with affiliates effective January 1993.

(b) The Partnership and an affiliate previously funded a $23,500,000 loan on
the Jonathan's Landing Apartments of which the Partnership's share of the loan
was $11,045,000.  In July 1995, the Partnership and its affiliate received
title to the property through foreclosure.  The Partnership owns a 47% joint
venture interest in the property.  The Partnership transferred its interest in
the loan to investment in joint ventures with affiliates at its fair value of
$8,601,000, net of allowances previously recorded.

4. Subsequent Events:

(a) In October 1995, the Partnership made a distribution of $6,055,622 ($4.38
per Interest) to the holders of Limited Partnership Interests  for the third
quarter of 1995.  This distribution includes a regular quarterly distribution
of $2.00 per Interest from Cash Flow and a special distribution of $2.38 per
Interest from Mortgage Reductions.
<PAGE>

(b)  The Sun Lake Apartments is owned by a joint venture consisting of the
Partnership and an affiliate.  In October 1995, the underlying revenue bonds,
which financed the Sun Lake Apartments $15,700,000 mortgage note payable, were
refunded.  The proceeds from the new bonds were used to repay the prior bonds.
The interest rate increased from 4.5% to 5.375%.  The prior bonds were secured
by a letter of credit for a fee of 1.7% annually.  The new bonds require
payment of guarantee and servicing fees totaling .975% annually.  The monthly
payment due on the new bonds is $99,080.  The maturity date of the bonds is
November 2025 with the next mandatory remarketing date being November 2005.  In
connection with the refunding, the $700,000 debt service reserve was released,
and the joint venture paid approximately $720,000 in financing and closing
fees, of which the Partnership's share is approximately $446,000.
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS

Balcor Pension Investors - VI (the "Partnership") is a limited partnership
formed in 1984 to invest in first mortgage loans and, to a lesser extent,
wrap-around loans and junior mortgage loans.  The Partnership raised
$345,640,500 through the sale of Limited Partnership Interests and utilized
these proceeds to fund thirty-one loans. Currently, the Partnership has one
loan outstanding in its portfolio, owns eleven properties acquired through
foreclosure and holds minority joint venture interests with affiliates in four
other properties.

Inasmuch as the management's discussion and analysis below relates primarily to
the time period since the end of the last fiscal year, investors are encouraged
to review the financial statements and the management's discussion and analysis
contained in the annual report for 1994 for a more complete understanding of
the Partnership's financial position.

Operations
----------

Summary of Operations
---------------------

The Partnership recognized its joint venture share of the decline in the fair
value of the 45 West 45th Street Office Building during the quarter ended
September 30, 1995.  In addition, during the third quarter of 1994, the
Partnership recognized a gain on the disposition of the Northgate and Gatewood
apartment complexes and a provision for losses on loans and real estate.  The
Partnership also received significant participation income in connection with
the prepayments on the Breckenridge and Highland Green loans in February 1994.
As a result of these events, net income increased for the quarter and decreased
for the nine months ended September 30, 1995 as compared to the same periods in
1994.

1995 Compared to 1994
---------------------

Unless otherwise noted, discussions of fluctuations between 1994 and 1995 refer
to both the quarter and nine months ended September 30, 1995 and 1994.

Interest income on loans receivable decreased as a result of the 1994
prepayment of the Breckenridge and Highland Green loans and the foreclosure  on
the Jonathan's Landing Apartments loan in July 1995. 

Income from operations of real estate held for sale represents the net property
operations generated by the eleven remaining properties the Partnership has
acquired through foreclosure. Original funds advanced by the Partnership total
approximately $145,000,000 for these eleven real estate investments. Income
from operations of real estate held for sale increased due to improved
operations at eight of the properties,  in particular at the
Brookhollow/Stemmons Center Office Complex due to an increase in construction
cost reimbursements from tenants, and at the Woodscape Apartments as the
payment of interest expense ceased due to the repayment of the property's
underlying mortgage loan in May 1994.  This increase was partially offset by
<PAGE>

the August 1994 disposition of the Partnership's interest in the Northgate and
Gatewood apartment complexes which had generated income.

Interest income on short-term investments decreased as a result of less cash
available for investment due to special distributions paid to the Limited
Partners in April and July 1995. 

Participation income was recognized from participations in cash flow from
properties which secured certain of the Partnership's loans. The Partnership's
loans generally bore interest at contractually fixed interest rates. Some loans
also provided for additional interest in the form of participations, usually
consisting of either a share in the capital appreciation of the property
securing the Partnership's loan and/or a share in the increase of gross income
of the property above a certain level. The Partnership received participation
income of $3,000,000 in connection with the 1994 loan prepayments.

Allowances are charged to income when the General Partner believes an
impairment has occurred, either in a borrower's ability to repay the loan or in
the value of the collateral property. Determinations of fair value are made
periodically on the basis of performance under the terms of the loan agreement
and assessments of property operations. Determinations of fair value represent
estimations based on many variables which affect the value of real estate,
including economic and demographic conditions. The Partnership recognized no
provision for potential losses during  1995 and a provision of $3,900,000
during 1994.

In November 1994, the Partnership incurred fees in connection with the
remarketing of the Sun Lake Apartments underlying revenue bonds which are being
amortized over the life of the loan. As a result, amortization of deferred
expenses increased.

As a result of legal fees incurred in 1994 relating to the disposition of the
Partnership's investment in the  Northgate and Gatewood apartment complexes,
administrative expenses decreased during the  nine months ended September 30,
1995 as compared to the same period in 1994; however, as a result of increased
other third party professional fees, administrative expenses increased for the
quarter ended September 30, 1995 as compared to the same period in 1994.   

Participation in income of joint ventures with affiliates represents the
Partnership's share of the operations of the Sand Pebble Village, Sand Pebble
Village II and Jonathan's Landing apartment complexes and the 45 West 45th
Street Office Building. The Partnership recognized its share of the decline in
the fair value of the 45 West 45th Street Office Building during the quarter
ended September 30, 1995.  This resulted in participation in loss of joint
ventures with affiliates in 1995 as compared to income in 1994. The property
had been classified as real estate held for sale by the participants effective
January 1, 1993.

Affiliates' participation in joint ventures represents the affiliates' share of
income at the Sun Lake Apartments, Perimeter 400 Office Complex and
Brookhollow/Stemmons Center Office Complex.  The Partnership recognized a
decline in the fair value of the Sun Lake Apartments during the third quarter
of 1994.  As a result, the affiliates recognized participation in income of
joint ventures during the quarter ended September 30, 1995 as compared to a net
loss during the same period in 1994 and an increase in income during the nine
months ended September 30, 1995 as compared to the same period in 1994.
<PAGE>

The Partnership recognized a gain of $818,379 on the disposition of the
Partnership's investment in the Northgate and Gatewood apartment complexes in
August 1994.


Liquidity and Capital Resources
-------------------------------

The cash position of the Partnership decreased as of September 30, 1995 when
compared to December 31, 1994 due primarily to special distributions paid to
Limited Partners in April and July 1995. 

The Partnership classifies the cash flow performance of its properties as
either positive, a marginal deficit, or a significant deficit, each after
consideration of debt service payments unless otherwise indicated.  A deficit
is considered significant if it exceeds $250,000 annually or 20% of the
property's rental and service income. The Partnership defines cash flow
generated from its properties as an amount equal to the property's revenue
receipts less property related expenditures, which include debt service
payments. The Sun Lake Apartments is the Partnership's only property with
underlying debt. During the nine months ended September 30, 1995 and 1994, all
eleven of the Partnership's properties and all four of the properties in which
the Partnership holds minority joint venture interests with affiliates
generated positive cash flow.  The Brookhollow/Stemmons Office Building
incurred significant leasing costs in 1994 which were not included in
classifying the cash flow performance of the property.  Had these nonrecurring
expenditures been included, the property would have generated a marginal
deficit during 1994.  The 45 West 45th Street Office Building, in which the
Partnership holds a minority joint venture interest, also incurred significant
leasing costs in 1995 which were not included in classifying the cash flow
performance of the property.  Had these nonrecurring expenditures  been
included, the property would have generated a significant deficit in 1995.  The
Northgate and Gatewood apartment complexes also generated positive cash flow
until the Partnership disposed of its investment in these properties in August
1994.  

As of September 30, 1995, the occupancy rates of the Partnership's commercial
properties ranged from 82% to 97% and the occupancy rates of the residential
properties ranged from 95% to 98%. Many rental markets continue to be extremely
competitive; therefore, the General Partner's goals are to maintain high
occupancy levels, while increasing rents where possible, and to monitor and
control operating expenses and capital improvement requirements at the
properties.

The Partnership and three affiliates previously funded a $23,000,000 loan on
the 45 West 45th Street Office Building. In February 1995, the participants
received title to the property through foreclosure. The Partnership owns a
41.3% joint venture interest in the property.

In January 1995, the Partnership and an affiliate placed the Jonathan's Landing
Apartments loan in default and accelerated the loan due to the sale of the
property by the borrower without the required consent from the Partnership and
the affiliate. The property was posted for a foreclosure sale in July 1995 at
which time the Partnership and the affiliate received title to the property.
The Partnership owns a 47% joint venture interest in the property.
<PAGE>

In October 1995, the Partnership completed the  refunding of the Sun Lake
Apartments underlying revenue bonds.  See Note 4 of Notes to Financial
Statements for additional information.

The Noland Fashion Square shopping center loan has been recorded by the
Partnership as an investment in acquisition loan.  The Partnership has recorded
its share of the collateral property's operations as equity in loss from
investment in acquisition loan.  The Partnership's share of operations has no
effect on the cash flow of the Partnership, and amounts representing
contractually required debt service are recorded as interest income.

In October 1995, the Partnership made a distribution of $6,055,622 ($4.38 per
Interest) to the holders of Limited Partnership Interests.  This distribution
includes a regular quarterly distribution of $2.00 per Interest from Cash Flow
and a special distribution of $2.38 per Interest from  Mortgage Reductions. The
level of the regular quarterly distribution is consistent with the amount
distributed for the first and second quarters of 1995. Including the October
1995 distribution, Limited Partners have received cash distributions totaling
$201.32 per $250 Interest.  Of this amount, $126.52 represents Cash Flow from
operations and $74.80 represents a return of Original Capital. In October 1995,
the Partnership also paid $230,427 to the General Partner as its distributive
share of the Cash Flow distributed for the third quarter of 1995 and made a
contribution to the Early Investment Incentive Fund of $76,809.

The Partnership expects to continue making cash distributions.   The level of
future distributions is dependent on cash flow from property operations and the
receipt of interest income from the acquisition loan less fees to the General
Partner and administrative expenses.  The General Partner, on behalf of the
Partnership, has retained what it believes is an appropriate amount of working
capital to meet current cash or liquidity requirements which may occur.

During the nine months ended September 30, 1995, the General Partner on behalf
of the Partnership used amounts placed in the Early Investment Incentive Fund
to repurchase 7,110 Interests from Limited Partners at a cost of $850,477.

Inflation has several types of potentially conflicting impacts on real estate
investments.  Short-term inflation can increase real estate operating costs
which may or may not be recovered through increased rents and/or sales prices
depending on general or local economic conditions.  In the long-term, inflation
can be expected to increase operating costs and replacement costs and may lead
to increased rental revenues and real estate values. 
<PAGE>
                          BALCOR PENSION INVESTORS-VI
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION



Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

(a) Exhibits:

(4) Form of Subscription Agreement previously filed as Exhibit 4.1 to Amendment
No. 1 to the Registrant's Registration Statement on Form S-11 dated January 4,
1985 (Registration No. 2-93840) and Form of Confirmation regarding Interests in
the Registrant set forth as Exhibit 4.2 to the Registrant's Report on Form 10-Q
for the quarter ended June 30, 1992 (Commission File No. 0-14332) are
incorporated herein by reference.

(27) Financial Data Schedule of the Registrant for the nine month period ending
September 30, 1995 is attached hereto.

(b) Reports on form 8-K:  A Current Report on Form 8-K dated September 14,
1995, as amended by Form 8-K/A dated October 27, 1995, was filed reporting a
change in the Registrant's certifying public accountants.
<PAGE>

SIGNATURES


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, thereunto duly authorized.


                              BALCOR PENSION INVESTORS-VI



                              By: /s/Thomas E. Meador
                                  -----------------------------
                                  Thomas E. Meador
                                  President and Chief Executive Officer
                                  (Principal Executive Officer) of Balcor
                                  Mortgage Advisors-VI, the General Partner



                              By: /s/Brian D. Parker
                                  -----------------------------
                                  Brian D. Parker
                                  Senior Vice President, and Chief Financial
                                  Officer (Principal Accounting and Financial
                                  Officer) of Balcor Mortgage Advisors-VI, the
                                  General Partner



Date: November 14, 1995
      ---------------------------
<PAGE>