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SECURITIES AND EXCHANGE COMMISSION</font></div>
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8-K</font></div>
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REPORT</font></div>
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to Section 13 or 15(d) of</font></div>
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Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Date of report (Date of earliest event
reported):</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;April 29,
2008</font></font></div>
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CORPORATION</font></div>
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      Employer Identification No.)</font></div>
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Elliott Avenue, Suite 500</font></div>
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Washington 98121</font></div>
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298-2909</font></div>
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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:</font></div>
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Written communications pursuant to Rule&#160;425 under the Securities Act (17
CFR 230.425)</font></div>
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Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
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pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></font></div>
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                <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 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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              </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 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
29, 2008, Emeritus Corporation (the "Company") refinanced the fixed rate
mortgage debt on 18 of its existing properties, which were acquired in
connection with the Company's February 2007 purchase of Fretus Investors, LLC
("Fretus").&#160;&#160;The original fixed rate loan of $132.0 million, was made
pursuant to an Amended and Restated Loan Agreement dated February 28, 2007, by
and among Capmark Bank and certain subsidiaries of the Company that owned the
communities subject to this financing (the "Original Fretus Loan Agreement"),
bore interest at an annual rate of 6.5475%, and was secured by 24
properties.&#160;&#160;Of the $132.0 million principal amount of fixed rate debt
outstanding under the Original Fretus Loan Agreement, $112.0 million was paid
down as part of this refinancing.&#160;&#160;The Original Fretus Loan Agreement
was amended to provide that: (i) the remaining balance of $20.0 million is
secured by five properties, with one property released from the security pool
and (ii) the interest rate changed from a fixed rate of 6.5475% to a variable
rate equal to LIBOR plus 290 basis points (5.80% at closing), adjusted monthly,
but never less than 5.80%.</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 new
debt of $129.0 million was made pursuant to notes and deeds of trust effective
April 25, 2008, between Emeritus and certain of its subsidiaries and Capmark
Bank (the "New Fretus Loans").&#160;&#160;The New Fretus Loans have&#160;&#160;a
term of 10 years at a fixed rate of 6.21%, with payments in the first three
years of interest only and payments of principal and interest thereafter based
on a 30-year amortization period.&#160;&#160;The New Fretus Loans were purchased
by Freddie Mac and are cross collateralized.&#160;&#160;The New Fretus Loans may
be prepaid subject to a prepayment penalty based on a defined
formula.&#160;&#160;The New Fretus Loans contain customary events of default,
including payment defaults.</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
connection with this transaction, the Company will record a one-time charge of
approximately $3.0 million in the second quarter of 2008 related to prepayment
penalties and the write-off of unamortized deferred loan fees on the original
debt.&#160;&#160;The refinance results in an increase in annual interest expense
of approximately $536,000.&#160;&#160;The Company received approximately $14.4
million in net cash proceeds as a result of this transaction, which will be used
for general corporate purposes.</font></div><br></div>
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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 April 30, 2008, announcing the refinancing of
18 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>
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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>
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    <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>
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    <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>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release dated April 30, 2008,</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">Emeritus Announces Refinance of
      18 Communities</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></font></div>
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    <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">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.</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>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <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
      2, 2008</font></div>
            </td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="39%">
              <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">EMERITUS
      CORPORATION</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="17%">
              <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>
            </td>
            <td align="left" valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid">
              <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>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="39%">
              <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">Raymond
      R. Brandstrom</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="39%">
              <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">Executive
      Vice President&#8211;Finance, Chief&#160;&#160;Financial Officer and
      Secretary</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEX
TO EXHIBITS</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>
    <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; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">99.1</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release dated April 30, 2008, </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">Emeritus Announces Refinance of
      18 Communities</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></font></div>
            </td>
          </tr>
      </table>
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fretusrefinance.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 29,
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 2.03
Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance
      Sheet Arrangement of a Registrant.
On April
29, 2008, Emeritus Corporation (the "Company") refinanced the fixed rate
mortgage debt on 18 of its existing properties, which were acquired in
connection with the Company's February 2007 purchase of Fretus Investors, LLC
("Fretus").  The original fixed rate loan of $132.0 million, was made
pursuant to an Amended and Restated Loan Agreement dated February 28, 2007, by
and among Capmark Bank and certain subsidiaries of the Company that owned the
communities subject to this financing (the "Original Fretus Loan Agreement"),
bore interest at an annual rate of 6.5475%, and was secured by 24
properties.  Of the $132.0 million principal amount of fixed rate debt
outstanding under the Original Fretus Loan Agreement, $112.0 million was paid
down as part of this refinancing.  The Original Fretus Loan Agreement
was amended to provide that: (i) the remaining balance of $20.0 million is
secured by five properties, with one property released from the security pool
and (ii) the interest rate changed from a fixed rate of 6.5475% to a variable
rate equal to LIBOR plus 290 basis points (5.80% at closing), adjusted monthly,
but never less than 5.80%.
The new
debt of $129.0 million was made pursuant to notes and deeds of trust effective
April 25, 2008, between Emeritus and certain of its subsidiaries and Capmark
Bank (the "New Fretus Loans").  The New Fretus Loans have  a
term of 10 years at a fixed rate of 6.21%, with payments in the first three
years of interest only and payments of principal and interest thereafter based
on a 30-year amortization period.  The New Fretus Loans were purchased
by Freddie Mac and are cross collateralized.  The New Fretus Loans may
be prepaid subject to a prepayment penalty based on a defined
formula.  The New Fretus Loans contain customary events of default,
including payment defaults.
In
connection with this transaction, the Company will record a one-time charge of
approximately $3.0 million in the second quarter of 2008 related to prepayment
penalties and the write-off of unamortized deferred loan fees on the original
debt.  The refinance results in an increase in annual interest expense
of approximately $536,000.  The Company received approximately $14.4
million in net cash proceeds as a result of this transaction, which will be used
for general corporate purposes.
Item
8.01                      Other
Events
The
Company issued a press release on April 30, 2008, announcing the refinancing of
18 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 April 30, 2008,
Emeritus Announces Refinance of
      18 Communities
.
[The rest
of this page is intentionally left blank]
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
      2, 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 April 30, 2008,
Emeritus Announces Refinance of
      18 Communities
.