Tryko Partners on Friday announced the acquisition of Collingswood Rehabilitation & Healthcare Center in the Washington, D.C. suburb of Rockville, Md.
The Brick, N.J.-based private equity firm installed its health care affiliate, Marquis Health Services, as the new operator, with plans for $4.5 million in capital improvements and new programming at the site.
The 160-bed skilled nursing facility was built in 1973 and expanded in 2000, with its previous owner conducting a $1.2 million renovation over the past four years. Marquis and Tryko plan to add 30 private rooms while also expanding its therapy gym and common spaces.
“This is a perfect fit for Marquis,” Norman Rokeach, the provider’s CEO, said in a statement announcing the deal. “We are a third-generation, family-owned skilled nursing home owner and operator, and Collingswood has been a family business for two generations.”
M&T Bank served as the finance partner for the Collingswood deal.
Marquis’s footprint now includes 12 SNFs in the Mid-Atlantic, as well as 10 additional facilities in New England.
Dwight Capital Lands $13M Bridge Loan for Three-SNF Portfolio
Dwight Capital last week announced a $13.2 million bridge loan for a trio of skilled nursing facilities in Ohio: Fairlawn Rehab & Nursing Center, Lima Acres Rehab & Nursing Center, and Lebanon Rehabilitation & Nursing Center.
The facilities have a total of 256 beds, and the deal comes on the heels of three other skilled nursing-related bridge loans from the New York City-based Dwight back in December: a $5.3 million financing for Fox Glove Center in Atlanta, $22.7 million for Graceland Rehabilitation and Nursing in Nashville, Tenn., and $3.7 for the Kenwoodview Health and Rehabilitation Center in Salia, Kan.
Cascade Picks Up Pair in Chicagoland
Cascade Capital Group last week announced the pickup of two skilled nursing facilities in the greater Chicago area: Avantara Evergreen Park and The Grove of Berwyn.
The two locations have a total of 380 licensed beds, with annual revenue of about $28.5 million, according to the Skokie, Ill.-based private investment firm — which in turn leased the properties to its operational affiliate, Legacy Healthcare.
The two companies now own and operate 30 facilities, mostly located in Chicagoland, including another two acquired last October.
“The transition of these two facilities will allow Legacy to continue to grow our presence in theregion expanding into a new sub-market, the city’s south suburbs,” Legacy chief financial officer Moti Ninio said in a statement.