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to Section 13 or 15(d) of</font></div>
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reported):</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;April 30,
2008</font></font></div>
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CORPORATION</font></div>
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Elliott Avenue, Suite 500</font></div>
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298-2909</font></div>
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              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry
      into a Material Definitive
Agreement.</font></div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
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              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information required by this Item 1.01 is incorporated by reference from
      Item 2.03 of this report.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item&#160;1.02</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
      of a Material Definitive Agreement.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
30, 2008, Emeritus Corporation (the &#8220;Company&#8221;) repaid the $20.0 million
outstanding balance of a mortgage loan (the &#8220;GMAC Mortgage&#8221;) secured by five
assisted living communities that were acquired by the Company in December 31,
2003.&#160;&#160;The GMAC Mortgage was originally evidenced by a loan agreement
dated as of June 30, 1998, between the original lender and the original
borrower, as well as other loan documents.&#160;&#160;In connection with this
2003 acquisition, the Company assumed the underlying GMAC Mortgage pursuant to a
Loan Assumption Agreement dated December&#160;31, 2003 among LaSalle National
Bank as Trustee for GMAC Commercial Mortgage Pass-Through Certificates,
Series&#160;1998-C2, as lender, ALS Financing, Inc, as borrower, Emeritus
Properties&#160;XVI, Inc., as purchaser, Alterra Healthcare Corporation, and
Emeritus Corporation, as new guarantor.&#160;&#160;The interest rate on the GMAC
Mortgage was 6.98% and the note was to mature in August 2008.&#160;&#160;There
was no penalty related to the early termination of the GMAC Mortgage and related
loan documents.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item&#160;2.03</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance
      Sheet Arrangement of a Registrant.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
30, 2008, the Company refinanced the GMAC Mortgage described in Item 1.02 of
this report with the following new credit facilities.&#160;&#160;The Company
borrowed a total of $25.4 million pursuant to three loan agreements dated as of
April 25, 2008 between (i) KeyCorp Real Estate Capital Markets, Inc., a
subsidiary of KeyBank, N.A. as lender, (ii) each of three of the Company&#8217;s
single purpose limited liability company subsidiaries (the &#8220;Borrowers&#8221;) and
(iii) Emeritus Properties XVI, Inc., as member/manager of the
Borrowers.&#160;&#160;Pursuant to these loan agreements, the Borrowers issued
10-year notes that bear interest at a fixed rate of 6.29%, (the &#8220;Fixed Rate
Notes&#8221;).&#160;&#160;The Fixed Rate Notes are secured by three of the five
properties that were subject to the GMAC Mortgage.&#160;&#160;The Fixed Rate
Notes require monthly payments of interest only in the first three years, with
payments of principal and interest based on a 30-year amortization period
thereafter until maturity, at which time all outstanding principal and accrued
but unpaid interest are payable in full.&#160;&#160;The Fixed Rate Notes were
purchased by Fannie Mae.&#160;&#160;The Fixed Rate Notes may be prepaid subject
to a prepayment penalty based on a formula defined in the loan
agreements.&#160;&#160;The Fixed Rate Notes are cross collateralized and contain
customary events of default, including those related to non-payment and the sale
or transfer of collateral.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, the Company borrowed a total of $13.3 million pursuant to two loan
agreements dated as of April 25, 2008, between (i) KeyBank N.A. as lender, (ii)
each of two of the Company&#8217;s single purpose limited liability company
subsidiaries (the &#8220;Borrowers&#8221;) and (iii) Emeritus Properties XVI, Inc., as
member/manager of the Borrowers.&#160;&#160;Pursuant to these loan agreements,
the borrowers issued variable rate notes (the &#8220;Variable Rate Notes&#8221;) that are
secured by the remaining two communities.&#160;&#160;Of the total amount
borrowed, $7.2 million was withheld at closing and is available for funding of
construction projects on these two communities.&#160;&#160;The Variable Rate
Notes have terms of three years and an initial weighted average annual rate of
5.06% based on the LIBOR rate at closing.&#160;&#160;The maturity dates may be
extended for one additional year at the Company&#8217;s option (the &#8220;Extension
Period&#8221;) depending upon the attainment of certain debt service coverage ratios
as defined in the loan agreements.&#160;&#160;The Variable Rate Notes require
monthly payments of interest only for three years and, if extended, include
scheduled principal reductions during the Extension Period.&#160;&#160;The
Variable Rate Notes may be prepaid at any time without penalty.&#160;&#160;The
Variable Rate Notes contain various events of default, including non-payment and
the maintenance of specified levels of occupancy and debt service coverage
ratios.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company received approximately $11.2 million in cash from these transactions,
which will be used for general corporate purposes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
Events</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company issued a press release on May 1, 2008, announcing the refinancing of
five communities.&#160;&#160;A copy of the press release is being furnished as
Exhibit 99.1 to this Current Report on Form 8-K.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
Statement <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">and</font>
Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibits</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">99.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press
Release dated May 1, 2008, EMERITUS ANNOUNCES REFINANCE OF FIVE
COMMUNITIES.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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      <table cellpadding="0" cellspacing="0" width="100%">
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            <td align="left" valign="bottom" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">May
      6, 2008</font></div>
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      </font></td>
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      CORPORATION</font></div>
            </td>
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            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      </font></td>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
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      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Raymond R. Brandstrom</font></div>
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          </tr>
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      R. Brandstrom</font></div>
            </td>
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            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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      Vice President&#8211;Finance, Chief&#160;&#160;Financial Officer and
      Secretary</font></div>
            </td>
          </tr>
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No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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Release dated May 1, 2008, EMERITUS ANNOUNCES REFINANCE OF FIVE
COMMUNITIES.</font></div>
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gmac5refinancing.htm
U.S.
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C.  20549
____________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported):
April 30,
2008
EMERITUS
CORPORATION
(Exact
name of registrant as specified in charter)
Washington
1-14012
91-1605464
(State
      or other jurisdiction of incorporation)
(Commission
      File Number)
(IRS
      Employer Identification No.)
3131
Elliott Avenue, Suite 500
Seattle,
Washington 98121
(Address
of principal executive offices) (Zip Code)
(206)
298-2909
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01
Entry
      into a Material Definitive
Agreement.
The
      information required by this Item 1.01 is incorporated by reference from
      Item 2.03 of this report.
Item 1.02
Termination
      of a Material Definitive Agreement.
On April
30, 2008, Emeritus Corporation (the "Company") repaid the $20.0 million
outstanding balance of a mortgage loan (the "GMAC Mortgage") secured by five
assisted living communities that were acquired by the Company in December 31,
2003.  The GMAC Mortgage was originally evidenced by a loan agreement
dated as of June 30, 1998, between the original lender and the original
borrower, as well as other loan documents.  In connection with this
2003 acquisition, the Company assumed the underlying GMAC Mortgage pursuant to a
Loan Assumption Agreement dated December 31, 2003 among LaSalle National
Bank as Trustee for GMAC Commercial Mortgage Pass-Through Certificates,
Series 1998-C2, as lender, ALS Financing, Inc, as borrower, Emeritus
Properties XVI, Inc., as purchaser, Alterra Healthcare Corporation, and
Emeritus Corporation, as new guarantor.  The interest rate on the GMAC
Mortgage was 6.98% and the note was to mature in August 2008.  There
was no penalty related to the early termination of the GMAC Mortgage and related
loan documents.
Item 2.03
Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance
      Sheet Arrangement of a Registrant.
On April
30, 2008, the Company refinanced the GMAC Mortgage described in Item 1.02 of
this report with the following new credit facilities.  The Company
borrowed a total of $25.4 million pursuant to three loan agreements dated as of
April 25, 2008 between (i) KeyCorp Real Estate Capital Markets, Inc., a
subsidiary of KeyBank, N.A. as lender, (ii) each of three of the Company's
single purpose limited liability company subsidiaries (the "Borrowers") and
(iii) Emeritus Properties XVI, Inc., as member/manager of the
Borrowers.  Pursuant to these loan agreements, the Borrowers issued
10-year notes that bear interest at a fixed rate of 6.29%, (the "Fixed Rate
Notes").  The Fixed Rate Notes are secured by three of the five
properties that were subject to the GMAC Mortgage.  The Fixed Rate
Notes require monthly payments of interest only in the first three years, with
payments of principal and interest based on a 30-year amortization period
thereafter until maturity, at which time all outstanding principal and accrued
but unpaid interest are payable in full.  The Fixed Rate Notes were
purchased by Fannie Mae.  The Fixed Rate Notes may be prepaid subject
to a prepayment penalty based on a formula defined in the loan
agreements.  The Fixed Rate Notes are cross collateralized and contain
customary events of default, including those related to non-payment and the sale
or transfer of collateral.
In
addition, the Company borrowed a total of $13.3 million pursuant to two loan
agreements dated as of April 25, 2008, between (i) KeyBank N.A. as lender, (ii)
each of two of the Company's single purpose limited liability company
subsidiaries (the "Borrowers") and (iii) Emeritus Properties XVI, Inc., as
member/manager of the Borrowers.  Pursuant to these loan agreements,
the borrowers issued variable rate notes (the "Variable Rate Notes") that are
secured by the remaining two communities.  Of the total amount
borrowed, $7.2 million was withheld at closing and is available for funding of
construction projects on these two communities.  The Variable Rate
Notes have terms of three years and an initial weighted average annual rate of
5.06% based on the LIBOR rate at closing.  The maturity dates may be
extended for one additional year at the Company's option (the "Extension
Period") depending upon the attainment of certain debt service coverage ratios
as defined in the loan agreements.  The Variable Rate Notes require
monthly payments of interest only for three years and, if extended, include
scheduled principal reductions during the Extension Period.  The
Variable Rate Notes may be prepaid at any time without penalty.  The
Variable Rate Notes contain various events of default, including non-payment and
the maintenance of specified levels of occupancy and debt service coverage
ratios.
The
Company received approximately $11.2 million in cash from these transactions,
which will be used for general corporate purposes.
Item
8.01                      Other
Events
The
Company issued a press release on May 1, 2008, announcing the refinancing of
five communities.  A copy of the press release is being furnished as
Exhibit 99.1 to this Current Report on Form 8-K.
Item
9.01                      Financial
Statement
and
Exhibits.
(d)
Exhibits
Exhibit
No.
Description
99.1
Press
Release dated May 1, 2008, EMERITUS ANNOUNCES REFINANCE OF FIVE
COMMUNITIES.
1
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
May
      6, 2008
EMERITUS
      CORPORATION
By:
/s/
      Raymond R. Brandstrom
Raymond
      R. Brandstrom
Executive
      Vice President–Finance, Chief  Financial Officer and
      Secretary
2
INDEX
TO EXHIBITS
Exhibit
No.
Description
99.1
Press
Release dated May 1, 2008, EMERITUS ANNOUNCES REFINANCE OF FIVE
COMMUNITIES.
3