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Emeritus refinances $112 million in mortgage debt

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April 30, 2008

SEATTLE—Emeritus Corp. said Wednesday it refinanced $112 in mortgage debt on 18 of its assisted living and senior citizen communities.

The new 10-year loan was increased to $129 million and carries a fixed interest rate of 6.21 percent. The excess money not used to pay off the original loan will be used for general corporate purposes.

Capmark Finance Inc. originated the loan, which was then purchased by Freddie Mac.

Emeritus will incur a one-time $3 million charge related to the original loan it refinanced.

Shares of Emeritus fell 84 cents, or 3.3 percent, to $24.65 Wednesday. Shares have traded between $19.99 and $39.40 during the past year.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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