Emeritus closes on five assisted-living care facilities

Emeritus Corp. said it’s closed on its $65 million purchase of five assisted living facilities. The Seattle company said it bought the facilities for $62.5 million, plus transaction costs of $3.3 million, from Ventas Inc., of Chicago. The facilities are located in four states and consist of 432 units.

“We are pleased that, despite the current turmoil in the financial markets, this transaction closed on time and with favorable financing,” said Granger Cobb, Emeritus president and co-CEO, said in a statement.

Emeritus now has 302 assisted living and Alzheimer’s care facilities in 36 states, with 26,700 units and 31,600 residents.