The Seattle, WA-based company currently leases the facility which it took over in January 2000. Financial details of the deal were not disclosed and calls to Emeritus were not returned by press time.
In a statement, Raymond Brandstrom, chief financial officer of Emeritus, notes that the existing short-term lease the company had on the property was structured to provide Emeritus with time to improve the community's performance in order to "facilitate the purchase." He adds that Emeritus is "pleased with the progress" of the community and that it has made a "favorable contribution" to the company.
Emeritus currently holds interests in 157 communities representing capacity for approximately 16,500 residents in 31 states and Japan. In addition to this facility, the company has four others in the state.
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