<PAGE>

                                                                   Exhibit 10.74

                          CERTIFICATE PLEDGE AGREEMENT
                          ----------------------------

     THIS CERTIFICATE PLEDGE AGREEMENT (together with all amendments,
supplements and other modifications made from time to time, this "Pledge
                                                                  ------
Agreement"), dated as of November 21, 1997, made by BROOKDALE LIVING COMMUNITIES
---------
OF CONNECTICUT, INC., a Delaware corporation (the "Pledgor"), in favor of THE
                                                   -------
GABLES BUSINESS TRUST, a Delaware business trust (the "Pledgee").
                                                       -------


                              W I T N E S S E T H:
                              - - - - - - - - - -


     WHEREAS, as a condition to the occurrence of the Acquisition Date under the
Lease dated as of November 21, 1997 (together with all amendments and other
modifications, if any, from time to time thereafter made thereto, the "Lease"),
                                                                       -----
among the Pledgor, between Lessee and the Pledgee, as Lessor, the Pledgor is
required to execute and deliver this Pledge Agreement;

     WHEREAS, the Pledgor has duly authorized the execution, delivery and
performance of this Pledge Agreement; and

     WHEREAS, it is in the best interests of the Pledgor to execute this Pledge
Agreement inasmuch as the Pledgor will derive substantial benefits from the
transactions contemplated by the Lease;

     NOW, THEREFORE, for good and valuable consideration the receipt of which is
hereby acknowledged, the parties hereto agree as follows:


                                   ARTICLE I

                                  DEFINITIONS

     SECTION   I.1    Certain Terms.  Capitalized terms used but not otherwise
                      -------------
               defined in this Pledge Agreement have the respective meanings
               specified in Appendix 1 to the Lease; and the rules of
                            --------
               interpretation set forth in Appendix 1 to the Lease shall apply
                                           --------
               to this Pledge Agreement.


                                   ARTICLE II
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                                                    Certificate Pledge Agreement

                                     PLEDGE

     SECTION   II.1     Grant of Security Interest.  The Pledgor hereby pledges,
                        --------------------------
               hypothecates, assigns, charges, mortgages, delivers, and
               transfers to the Pledgee and hereby grants to the Pledgee a
               continuing security interest in, all of its right, title and
               interest in, to and under the following property (the
               "Collateral"):
                ----------

         (1)   Certificate A, a copy of which is annexed hereto as Schedule I;

         (2)   all payments made with respect to and all proceeds (as such term
               is defined in the Uniform Commercial Code as in effect in the
               State of New York (the "U.C.C.")) of any of the foregoing.
                                       -----

     SECTION   II.2     Security for Obligations.  The security interest granted
                        ------------------------
               by the Pledgor hereunder secures the satisfaction in full of all
               the Pledgor's payment and non-payment obligations to Pledgee
               under the Operative Documents, including, without limitation, the
               obligation to pay FBTC Basic Rent, Lessor Basic Rent, Equity
               Balance and Supplemental Rent (to the extent the Lessor is
               entitled to receive Supplement Rent) (collectively, the
               "Obligations").
                -----------

     SECTION   II.3     Delivery of Pledged Property.  All certificates or
                        ----------------------------
               instruments representing or evidencing any Collateral, shall be
               delivered to and held by or on behalf of the Pledgee pursuant
               hereto, shall be in suitable form for transfer by delivery, and
               shall be accompanied by all necessary instruments of transfer or
               assignment, duly executed in blank, all in form and substance
               satisfactory to the Pledgee.

     SECTION   II.4     Continuing Security Interest.  This Pledge Agreement
                        ----------------------------
               shall create a continuing security interest in the Collateral and
               shall

         (3)   remain in full force and effect until payment in full of all
               Obligations, payment in full of the Equity Balance or the Pledgee
               takes possession of the Collateral in accordance with
               Section 6.1,
               -----------

         (4)   be binding upon the Pledgor and its successors, transferees and
               assigns, and

         (5)   inure, together with the rights and remedies of the Pledgee.

                                      -2-
<PAGE>

                                                    Certificate Pledge Agreement

Upon the payment in full of all Obligations or payment in full of the Equity
Balance, the security interest granted herein shall terminate and all rights to
the Collateral (including all interest or income paid in respect thereto) shall
revert to the Pledgor.  Upon any such termination, the Pledgee will, at the sole
expense of the Pledgor, and upon written instruction of the Pledgor, deliver to
the Pledgor, without any representations, warranties or recourse of any kind
whatsoever, all certificates and instruments representing or evidencing all
Collateral owned by the Pledgor (including all such interest or income),
together with all other Collateral held by the Pledgee hereunder and execute and
deliver to the Pledgor such documents as the Pledgor shall reasonably request to
evidence such termination.

     SECTION   II.5     Security Interest Absolute.  All rights of the Pledgee
                        --------------------------
               and the security interests granted to the Pledgee hereunder, and
               all obligations of the Pledgor hereunder, shall be absolute and
               unconditional, irrespective of

         (6)   any lack of validity or enforceability of the Pledge Agreement or
               any other Operative Document,

         (7)   the failure of the Pledgee to assert any claim or demand or to
               enforce any right or remedy against the Pledgor or any other
               Person under the provisions of any Operative Document or
               otherwise,

         (8)   any change in the time, manner or place of payment of, or in any
               other term of, all or any of obligations the Obligations or any
               other extension, compromise or renewal of any Obligation,

         (9)   any reduction, limitation, impairment or termination of any
               Obligations for any reason, including any claim of waiver,
               release, surrender, alteration or compromise, and shall not be
               subject to (and the Pledgor hereby waives any right to or claim
               of) any defense or setoff, counterclaim, recoupment or
               termination whatsoever by reason of the invalidity, illegality,
               nongenuineness, irregularity, compromise, unenforceability of, or
               any other event or occurrence affecting, the Pledgee or
               otherwise,

         (10)  any amendment to, rescission, waiver, or other modification of,
               or any consent to departure from, any of the terms of the any
               Operative Document,

         (11)  any addition, exchange, release, surrender or non-perfection of
               any Collateral, or any amendment to or waiver or release of or
               addition to or consent to departure from any guaranty, for any of
               the Obligations, or

                                      -3-
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                                                    Certificate Pledge Agreement

         (12)  any other circumstances which might otherwise constitute a
               defense available to, or a legal or equitable discharge of, the
               Pledgor or Pledgee or any other Person.

     SECTION   II.6     Waiver of Subrogation.  The Pledgor hereby irrevocably
                        ---------------------
               waives any claim or other rights which it may now or hereafter
               acquire against the Pledgee or any other Person that arise from
               the existence, payment, performance or enforcement of the
               Pledgor's obligations under this Pledge Agreement or any other
               Operative Document, including any right of subrogation,
               reimbursement, exoneration, or indemnification, any right to
               participate in any claim or remedy against the Pledgee or any
               other Person or any collateral which the Pledgee now has or
               hereafter acquires, whether or not such claim, remedy or right
               arises in equity, or under contract, statute or common law,
               including the right to take or receive from the Pledgee or any
               other Person, directly or indirectly, in cash or other property
               or by set-off or in any manner, payment or security on account of
               such claim or other rights. If any amount shall be paid to the
               Pledgor in violation of the preceding sentence and the
               Obligations shall not have been paid in cash in full, such amount
               shall be deemed to have been paid to the Pledgor for the benefit
               of, and held in trust for, the Pledgee, and shall forthwith be
               paid to the Pledgee to be credited and applied upon the
               Obligations, whether matured or unmatured. The Pledgor
               acknowledges that it will receive direct and indirect benefits
               from the financing arrangements contemplated by the Pledge
               Agreement and that the waiver set forth in this Section is
               knowingly made in contemplation of such benefits.


                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     SECTION   III.1    Warranties, etc.  The Pledgor represents and warrants
                        ---------------
               for itself unto the Pledgee as at the date of each pledge and
               delivery hereunder by the Pledgor to the Pledgee of any
               Collateral pledged by the Pledgor pursuant to this Pledge
               Agreement as follows:

          (13) Ownership, No Liens, etc.  The Pledgor is the legal and
               ------------------------
               beneficial owner of, and has good and valid title to (and has
               full right and authority to pledge and assign) the Collateral,
               free and clear of all Liens, security

                                      -4-
<PAGE>

                                                    Certificate Pledge Agreement

               interests, options, or other charges or encumbrances, except any
               Lien or security interest granted pursuant hereto in favor of the
               Pledgee.

          (14) Valid Security Interest.  The delivery of the Collateral to the
               -----------------------
               Pledgee is effective to create a valid, perfected, first priority
               security interest in such Collateral and all proceeds thereof,
               securing the Obligations.  No filing or other action will be
               necessary to perfect or protect such security interest.

          (15) Authorization, Approval, etc.  No authorization, approval, or
               ----------------------------
               other action by, and no notice to or filing with, any
               governmental authority, regulatory body or any other Person is
               required either

               (1)  for the pledge by the Pledgor of any Collateral pursuant to
                    this Pledge Agreement or for the execution, delivery, and
                    performance of this Pledge Agreement by the Pledgor, or

               (2)  for the exercise by the Pledgee of any of the rights
                    provided for in this Pledge Agreement, or, except as may be
                    required in connection with a disposition of any Collateral
                    by laws affecting the offering and sale of securities
                    generally, the remedies in respect of the Collateral
                    pursuant to this Pledge Agreement.


                                  ARTICLE IV

                                   COVENANTS

     SECTION   IV.1     Certain Covenants.  The Pledgor covenants and agrees
                        -----------------
               that, so long as any portion of the Obligations shall remain
               unpaid or unfulfilled:

          (16) except as permitted by the Operative Documents, it will not sell,
               assign, transfer, pledge, or encumber in any other manner the
               Collateral owned by it (except in favor of the Pledgee
               hereunder);

          (17) the Pledgor will warrant and defend the right and title herein
               granted unto the Pledgee in and to the Collateral (and all right,
               title, and interest represented by the Collateral) against the
               claims and demands of all Persons whomsoever;

          (18) at any time, and from time to time, at the expense of the
               Pledgor, the Pledgor will promptly execute and deliver all
               further instruments, and take

                                      -5-
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                                                    Certificate Pledge Agreement

               all further action, that the Pledgee may reasonably request, in
               order to perfect and protect any security interest granted or
               purported to be granted hereby or to enable the Pledgee to
               exercise and enforce its rights and remedies hereunder with
               respect to any Collateral.


                                   ARTICLE V

                                  THE PLEDGEE

     SECTION   V.1      Pledgee Appointed Attorney-in-Fact.  The Pledgor hereby
                        ----------------------------------
               irrevocably appoints the Pledgee the Pledgor's attorney-in-fact,
               with full authority in the place and stead of the Pledgor and in
               the name of the Pledgor or otherwise, from time to time upon the
               occurrence and during the continuance of any Event of Default, to
               take any action and to execute any instrument which the Pledgee
               may deem necessary or advisable to accomplish the purposes of
               this Pledge Agreement, including without limitation:

          (19) to ask, demand, collect, sue for, recover, compromise, receive
               and give acquittance and receipts for moneys due and to become
               due under or in respect of any of the Collateral;

          (20) to receive, endorse, and collect any drafts or other instruments,
               documents and chattel paper, in connection with clause (a) above;
                                                               ----------
               and

          (21) to file any claims or take any action or institute any
               proceedings which the Pledgee may deem necessary or desirable for
               the collection of any of the Collateral or otherwise to enforce
               the rights of the Pledgee with respect to any of the Collateral.

The Pledgor hereby acknowledges, consents and agrees that the power of attorney
granted pursuant to this Section is irrevocable and coupled with an interest.

     SECTION   V.2      Pledgee May Perform.  If the Pledgor fails to perform
                        -------------------
               any agreement contained herein, the Pledgee may itself perform,
               or cause performance of, such agreement, and the expenses of the
               Pledgee incurred in connection therewith shall be payable by the
               Pledgor pursuant to Section 6.3.
                                   -----------

                                      -6-
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                                                    Certificate Pledge Agreement

                                   ARTICLE VI

                                    REMEDIES

     SECTION   VI.1     Certain Remedies.  If any Event of Default shall have
                        ----------------
          occurred:

          (22) The Pledgee may exercise in respect of the Collateral, in
               addition to other rights and remedies provided for herein or
               otherwise available to it, all the rights and remedies of a
               secured party on default under the U.C.C. (whether or not the
               U.C.C. applies to the affected Collateral) and also may, without
               notice except as specified below, sell or redeem, as applicable,
               the Collateral or any part thereof (to the extent the Collateral
               can be used to satisfy the obligations of the Pledgor pursuant to
               Section 2.2 of this Pledge Agreement), for cash, on credit or for
               -----------
               future delivery, and upon such other terms as the Pledgee may
               deem commercially reasonable. Further, the Pledgee may distribute
               the Collateral in any manner it deems appropriate upon seizing
               the Collateral.

          (23) The Pledgee may (to the extent the Collateral is necessary to
               satisfy the Pledgor's Obligations pursuant to Section 2.2
                                                             -----------
               hereof):

               (1)  transfer all or any part of the Collateral into the name of
                    its nominee, with or without disclosing that such Collateral
                    is subject to the lien and security interest hereunder,

               (2)  notify the parties obligated on any of the Collateral to
                    make payment to the Pledgee of any amount due or to become
                    due thereunder,

               (3)  enforce collection of any of the Collateral by suit or
                    otherwise, and surrender, release or exchange all or any
                    part thereof, or compromise or extend or renew for any
                    period (whether or not longer than the original period) any
                    obligations of any nature of any party with respect thereto,

               (4)  endorse any checks, drafts, or other writings in the
                    Pledgor's name to allow collection of the Collateral,

               (5)  take control of any proceeds of the Collateral, and

                                      -7-
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                                                    Certificate Pledge Agreement

               (6)  execute (in the name, place and stead of the Pledgor)
                    endorsements, assignments, instruments of conveyance or
                    transfer with respect to all or any of the Collateral.

     SECTION   VI.2     Securities Laws.  If the Pledgee shall exercise its
                        ---------------
               right to sell all or any of the Collateral pursuant to
               Section 6.1, the Pledgor agrees that, upon request of the
               -----------
               Pledgee, the Pledgor will, at its own expense do or cause to be
               done all such acts and things as may be necessary to make such
               sale of the Collateral owned by the Pledgor or any part thereof
               valid and binding and in compliance with applicable law.

     SECTION   VI.3     Indemnity and Expenses.  The Pledgor hereby jointly and
                        ----------------------
               severally indemnifies and holds harmless the Pledgee from and
               against any and all claims, losses, and liabilities arising out
               of or resulting from this Pledge Agreement (including enforcement
               of this Pledge Agreement). Upon demand, the Pledgor will pay to
               the Pledgee the amount of any and all reasonable expenses,
               including the reasonable fees and disbursements of its counsel
               and of any experts and agents, which the Pledgee may incur in
               connection with:

          (24) the administration of this Pledge Agreement;

          (25) the custody, preservation, use, or operation of, or the sale of,
               collection from, or other realization upon, any of the
               Collateral;

          (26) the exercise or enforcement of any of its rights hereunder; or

          (27) the failure by the Pledgor to perform or observe any of the
               provisions hereof.


                                  ARTICLE VII

                            MISCELLANEOUS PROVISIONS

      SECTION  VII.1    Operative Document.  This Pledge Agreement is an
                        ------------------
               Operative Document executed pursuant to the Lease and shall
               (unless expressly indicated herein) be construed, administered
               and applied in accordance with the terms and provisions of the
               Lease.

                                      -8-
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                                                    Certificate Pledge Agreement

      SECTION  VII.2    Successors, Transferees and Assigns.  This Pledge
                        -----------------------------------
               Agreement shall be binding upon the Pledgor and its successors,
               transferees and assigns and shall inure to the benefit of and be
               enforceable by the Pledgee and its successors and permitted
               assigns. Except as provided in the Lessor Pledge Agreement,
               without the express written consent of the Pledgor, which shall
               not be unreasonably withheld, the Pledgee shall not have the
               right to assign this Pledge Agreement to any person or entity
               which is not the Lessor under the Lease.

      SECTION  VII.3    Amendments, etc.  No amendment to or waiver of any
                        ---------------
               provision of this Pledge Agreement, nor consent to any departure
               by the Pledgor herefrom, shall in any event be effective unless
               the same shall be in writing and signed by the Pledgee, and then
               such waiver or consent shall be effective only in the specific
               instance and for the specific purpose for which given.

     SECTION   VII.4    Protection of Collateral.  The Pledgee may from time to
                        ------------------------
               time, at its option, perform any act which the Pledgor agrees
               hereunder to perform and which the Pledgor shall fail to perform
               after being requested in writing so to perform (it being
               understood that no such request need be given after the
               occurrence and during the continuance of an Event of Default) and
               the Pledgee may from time to time take any other action which the
               Pledgee reasonably deems necessary for the maintenance,
               preservation or protection of any of the Collateral or of its
               security interest therein.

      SECTION  VII.5    Addresses for Notices.  All notices, demands, requests,
                        ---------------------
               consents, approvals and other communications hereunder shall be
               in writing (including by facsimile) and directed to the address
               or facsimile number described in, and deemed received in
               accordance with the provisions of, Section 33.4 of the Lease.

      SECTION  VII.6    No Waiver; Remedies.  No failure on the part of the
                        -------------------
               Pledgee to exercise, and no delay in exercising, any right
               hereunder shall operate as a waiver thereof; nor shall any single
               or partial exercise of any right hereunder preclude any other or
               further exercise thereof or the exercise of any other right. The
               remedies herein provided are cumulative and not exclusive of any
               remedies provided by law.

      SECTION  VII.7    Section Captions.  Section captions used in this Pledge
                        ----------------
               Agreement are for convenience of reference only, and shall not
               affect the construction of this Pledge Agreement.

                                      -9-
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                                                    Certificate Pledge Agreement

      SECTION  VII.8    Severability.  Wherever possible each provision of this
                        ------------
               Pledge Agreement shall be interpreted in such manner as to be
               effective and valid under applicable law, but if any provision of
               this Pledge Agreement shall be prohibited by or invalid under
               such law, such provision shall be ineffective to the extent of
               such prohibition or invalidity, without invalidating the
               remainder of such provision or the remaining provisions of this
               Pledge Agreement.

      SECTION  VII.9    Governing Law.  THIS PLEDGE AGREEMENT SHALL BE GOVERNED
                        -------------
               BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
               STATE OF NEW YORK.

      SECTION  VII.10   Waiver of Jury Trial.  THE PLEDGOR HEREBY KNOWINGLY,
                        --------------------
               VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A
               TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
               ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS PLEDGE
               AGREEMENT. THE PLEDGOR ACKNOWLEDGES AND AGREES THAT IT HAS
               RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND
               THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PLEDGEE
               ENTERING INTO THE LEASE.

     SECTION   VII.11   Execution in Counterparts.  This Pledge Agreement may be
                        -------------------------
               executed by the parties hereto in several counterparts, each of
               which shall be deemed to be an original and all of which shall
               constitute together but one and the same agreement.

     SECTION   VII.12   Pledge of Interest in Certificate A.  The Pledgor hereby
                        -----------------------------------
               consents to the terms of the Pledge Agreement, dated as of the
               date hereof, between the Pledgee and FBTC Leasing Corp., pursuant
               to which the Pledgee pledged and granted a security interest to
               FBTC Leasing Corp. in all the Pledgee's rights, title and,
               interest in and to Certificate A and all payments and proceeds
               with respect thereto

     SECTION   VII.13   Replacement of Issuing Bank.  The parties hereto hereby
                        ----------------------------
               agree that if, at any time, The Fuji Bank and Trust Company or a
               successor provider of the Certificate A cannot continue to
               provide the Certificate A, the parties shall, at Pledgor's cost
               and expense, arrange for a substitute

                                     -10-
<PAGE>

                                                    Certificate Pledge Agreement


               financial institution to issue an investment certificate bearing
               interest at a rate no less than that of the Certificate A.

                                     -11-
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                                                    Certificate Pledge Agreement


     IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to
be duly executed and delivered by their respective officers thereunto duly
authorized as of the day and year first above written.


                                    BROOKDALE LIVING COMMUNITIES
                                      OF CONNECTICUT, INC.,
                                      as Pledgor



                                    By
                                      ---------------------------------
                                      Name:
                                      Title:


                                    THE GABLES BUSINESS TRUST,
                                    as Pledgee


                                    By Wilmington Trust Company, not in its
                                       individual capacity but as Trustee


                                    By
                                      ---------------------------------
                                      Patricia A. Evans
                                      Financial Services Officer
<PAGE>

                                                    Certificate Pledge Agreement

                                                                      SCHEDULE I
                                                             TO PLEDGE AGREEMENT


                            [Copy of Certificate A]