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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="text-transform: uppercase">Pursuant
to Section 13 or 15(</FONT>d<FONT STYLE="text-transform: uppercase">) of the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Date of Report (Date of earliest event reported):
February 2, 2012 (January 28, 2012)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 12pt; font-weight: bold; text-align: center">Behringer Harvard Opportunity REIT I, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">Maryland</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">000-51961</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">20-1862323</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(Commission File
Number)&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>15601 Dallas Parkway, Suite 600, Addison,
        Texas</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>75001</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">(Address of principal executive offices)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">(866) 655-3600</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">(Registrant&rsquo;s telephone number, including area code)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">None</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">(Former name or former address, if changed since last report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Wingdings 2">&#163;</FONT> </FONT>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Wingdings 2">&#163;</FONT> </FONT>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0in"><B>Item 8.01&#9;Other
Events. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: left; text-indent: 0.5in">BHFS I, LLC (Land),
BHFS II, LLC, BHFS III, LLC and BHFS IV, LLC, the special purpose entity owners of a mixed use development
project located in Frisco, Texas and an indirect subsidiary of Behringer Harvard Opportunity REIT I,&nbsp;Inc. (which may be
referred to herein as the &ldquo;Registrant,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or
&ldquo;us&rdquo;), are currently the borrowers under a loan agreement  dated July 28, 2008,  as amended by that certain First
Loan Amendment Agreement (Land Tranche) dated as of July 28, 2009, that certain Second Loan Amendment Agreement dated as of
September 28, 2009, that certain Third Loan Amendment Agreement dated as of October 28, 2009, that certain Fourth Loan
Amendment Agreement dated as of July 28, 2011 and that certain Fifth Loan Amendment Agreement dated as of August 28, 2011,
(collectively, the &ldquo;BHFS Loan&rdquo;) with Bank of America, N.A. (&ldquo;Bank of America&rdquo;) as
administrative agent and lender and with another lending institution that is party to the BHFS Loan. In addition, BHFS
Theater, LLC, the special purpose entity owner of an additional tract of land that serves as additional collateral for the
BHFS Loan, is a borrower under a mortgage loan agreement (the &ldquo;Theater Loan&rdquo;) with Bank of America as
administrative agent and lender and with another lending institution that is party to the Theater Loan. BHFS Theater, LLC is
an indirect subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: left; text-indent: 0.5in">The BHFS
Loan matured on January 28, 2012 and we did not pay the outstanding principal balance of the loan which constituted an event
of default. An event of default under the BHFS Loan constitutes an event of default under the Theater Loan. On February 1,
2012, we were notified by the lenders that we were in default of the Theater Loan as a result of the maturity default of the
BHFS Loan and that the lenders intended to accelerate the Theater Loan if the maturity default of the BHFS Loan was not cured
by February 9, 2012. The current outstanding principal balance of the BHFS Loan is approximately $44.1 million and
the current outstanding principal balance of the Theater Loan is approximately $4.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: left; text-indent: 0.5in">We have been and
continue to remain current on interest payments due on both the BHFS Loan and the Theater Loan. We also continue to fund
operating expenses, tenant improvement expenses and leasing commissions at the property and are current on property taxes
with the most recent annual payment having been made on January 31, 2012 in respect of the property&rsquo;s 2011 property
taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have been and remain actively working with
the lenders to extend the maturity date of the BHFS Loan. However, there is no assurance that the lenders will agree to extend
the maturity date and may pursue their rights and remedies under the loan agreements, which may include, among other things, ceasing
any funding of escrowed expenses, the appointment of a receiver, or foreclosure. We intend to use all options available to us to
defend and protect our interest in the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>Behringer
Harvard OPPORTUNITY REIT I, Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Terri Warren Reynolds</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Terri Warren Reynolds<BR>Senior Vice President - Legal, General Counsel&nbsp;&amp;
Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;Dated:
February 2, 2012&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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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):
February 2, 2012 (January 28, 2012)
Behringer Harvard Opportunity REIT I, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
000-51961
20-1862323
(State or other jurisdiction of incorporation or organization)
(Commission File
Number)
(I.R.S. Employer
Identification No.)
15601 Dallas Parkway, Suite 600, Addison,
        Texas
75001
(Address of principal executive offices)
(Zip Code)
(866) 655-3600
(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:
£
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))
1
Item 8.01	Other
Events.
BHFS I, LLC (Land),
BHFS II, LLC, BHFS III, LLC and BHFS IV, LLC, the special purpose entity owners of a mixed use development
project located in Frisco, Texas and an indirect subsidiary of Behringer Harvard Opportunity REIT I, Inc. (which may be
referred to herein as the "Registrant," the "Company," "we," "our" or
"us"), are currently the borrowers under a loan agreement  dated July 28, 2008,  as amended by that certain First
Loan Amendment Agreement (Land Tranche) dated as of July 28, 2009, that certain Second Loan Amendment Agreement dated as of
September 28, 2009, that certain Third Loan Amendment Agreement dated as of October 28, 2009, that certain Fourth Loan
Amendment Agreement dated as of July 28, 2011 and that certain Fifth Loan Amendment Agreement dated as of August 28, 2011,
(collectively, the "BHFS Loan") with Bank of America, N.A. ("Bank of America") as
administrative agent and lender and with another lending institution that is party to the BHFS Loan. In addition, BHFS
Theater, LLC, the special purpose entity owner of an additional tract of land that serves as additional collateral for the
BHFS Loan, is a borrower under a mortgage loan agreement (the "Theater Loan") with Bank of America as
administrative agent and lender and with another lending institution that is party to the Theater Loan. BHFS Theater, LLC is
an indirect subsidiary of the Company.
The BHFS
Loan matured on January 28, 2012 and we did not pay the outstanding principal balance of the loan which constituted an event
of default. An event of default under the BHFS Loan constitutes an event of default under the Theater Loan. On February 1,
2012, we were notified by the lenders that we were in default of the Theater Loan as a result of the maturity default of the
BHFS Loan and that the lenders intended to accelerate the Theater Loan if the maturity default of the BHFS Loan was not cured
by February 9, 2012. The current outstanding principal balance of the BHFS Loan is approximately $44.1 million and
the current outstanding principal balance of the Theater Loan is approximately $4.7 million.
We have been and
continue to remain current on interest payments due on both the BHFS Loan and the Theater Loan. We also continue to fund
operating expenses, tenant improvement expenses and leasing commissions at the property and are current on property taxes
with the most recent annual payment having been made on January 31, 2012 in respect of the property's 2011 property
taxes.
We have been and remain actively working with
the lenders to extend the maturity date of the BHFS Loan. However, there is no assurance that the lenders will agree to extend
the maturity date and may pursue their rights and remedies under the loan agreements, which may include, among other things, ceasing
any funding of escrowed expenses, the appointment of a receiver, or foreclosure. We intend to use all options available to us to
defend and protect our interest in the property.
2
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 OPPORTUNITY REIT I, Inc.
By:
/s/ Terri Warren Reynolds
Terri Warren Reynolds
Senior Vice President - Legal, General Counsel &
Secretary
Dated:
February 2, 2012
3