Tryko Partners Acquires Two Baltimore SNFs, Plans Multimillion Upgrades
Tryko Partners acquired two skilled nursing facilities totaling 254 beds and plans to launch renovations and programming expansions at both properties. Marquis Health Services, Tryko’s health care affiliate, has assumed operations of the facilities.
Tryko is a private equity group based in Brick, N.J., while Marquis has 10 SNFs in the Mid-Atlantic region, with additional locations in Pennsylvania and New Jersey, and 10 facilities in the Northeast. Tryko also owns the 120-bed Westgate Hills Rehabilitation and Healthcare Center in Baltimore.
“Tryko and Marquis are already active in the Baltimore market, and for quite some time we have been looking for the right opportunity to grow our presence here,” Uri Kahanow, Tryko’s director of acquisitions, said in a press release announcing the deal. “Skilled nursing trades in this market are rare, which made the opportunity to acquire two facilities at one time particularly attractive.”
Marquis is planning to invest $1.5 million in updated finishes and renovations for expanded services at the 120-bed Meadow Park Rehabilitation and Healthcare Center, which used to be ManorCare Health Services Woodbridge Valley, located in Catonsville, Maryland. Those services will include a new pulmonary-cardiovascular program. Marquis also expects to introduce its branded Guest Services Program, which offers personal services, help with errands, and organized activities, among other things.
For the other facility, the 134-bed Orchard Hill Rehabilitation and Healthcare Center in Towson, Maryland, Marquis plans to immediately begin a $3 million renovation that upgrades the whole property and adds a 2,500 square-foot rehab gym. It also plans to develop a vascular program and a dialysis program.
The two facilities were purchased from Quality Care Properties, Inc. (NYSE: QCP), while CIBC financed both deals. Both facilities have proximity to 10 area hospitals. At Orchard Hill, six medical providers currently refer 80% of admitted patients, while three providers refer 60% of admitted patients at Meadow Park.
“We look forward to expanding our partnerships with top area hospitals and medical providers as we work to enhance skilled nursing care options in the region,” Norman Rokeach, chief executive officer of Marquis Health Services, said in the release.
Written by Maggie Flynn