Emeritus Corp. (ESC) said that it has been selected by Blackstone Real Estate Advisors as manager in conjunction with BREA's preliminary agreement to acquire about 148 communities currently operated by Sunwest Management.
BREA has executed a preliminary agreement with Sunwest, a Salem, Oregon-based operator of senior living communities, to acquire communities emerging from bankruptcy for a cash investment and assumption of secured debt by an entity comprised of affiliates of BREA and Columbia Pacific Management, Inc., an entity controlled by Dan Baty, Chairman and Co-CEO of Emeritus.
Under the terms of the proposal, Emeritus would be appointed as manager of the portfolio. Emeritus will also have the option to invest up to 10% of the equity in the joint venture entity along with BREA and Columbia Pacific.
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