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Emeritus Inks Lease-to-Buy Agreement for 24 Senior Communities

SEATTLE-The properties, previously operated by a subsidiary of Marriott International, were acquired for the subsequent lease by a joint venture that includes Fremont Realty Capital, a San Francisco based fund, and a group led by Dan Baty, CEO of Emeritus.

By Gina Binole | Updated on October 02, 2002

SEATTLE-Emeritus Assisted Living says it has inked a lease-to-buy agreement for 24 senior communities with 1,651 units in six states.

The properties, previously operated by a subsidiary of Marriott International, were acquired for the subsequent lease by a joint venture that includes Fremont Realty Capital, a San Francisco based fund. An investor group led by Dan Baty, CEO of Emeritus, has a minority interest in the joint venture.

The lease is for an initial 10-year period with two 5-year extensions and includes an option to buy the properties after the third year and the right (under certain circumstances) for the landlord to cancel the lease by payment of a termination fee after the fifth year.

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