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March 8, 2007

Emeritus

Seattle-based Emeritus Corp. has closed on the purchase of 24 communities it previously leased. They were originally acquired by Emeritus in 2002 under a lease with Fretus L.L.C., an entity in which Emeritus CEO Dan Baty has ownership interests. Emeritus has purchased all membership interests of Fretus for $145 million, inclusive of transaction costs. Capmark Finance is providing $140 million of mortgage financing. The 1,651 units offer assisted and memory loss services to seniors in six states.




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