MONTICELLOAM, LLC and its affiliates this week announced the completion of a $32 million refinance for a 177-bed skilled nursing facility in Maryland.
The New York City-based private real estate lender and asset manager, collectively known as Monticello, also provided a $2 million working capital loan through its asset-based lending arm, Monticello Commercial Capital, LLC.
The $32 million loan consists of first-lien debt financing for a skilled nursing owner and operator with a total of 1,332 licensed beds, according to Monticello.
Tryko Expands in Greater Philadelphia Market
Tryko Partners expanded its footprint in the greater Philadelphia market with the acquisition of Lutheran Crossings at Moorestown, a senior living and care facility with 201 skilled nursing beds and 63 assisted living units in Moorestown, N.J.
The Brick, N.J.-based Tryko — a private equity investor with a specific focus on nursing homes — has separated the care settings into two new brands: the skilled nursing operation is now Cambridge Rehabilitation & Healthcare Center, while the assisted living side is known as Cambridge Enhanced Senior Living.
Previous owner Lutheran Social Ministries of New Jersey had been looking for an exit amid difficulties at the property.
“Lutheran Crossings presented our organization with a series of unique challenges that prevented us from moving forward with plans to ensure its long-term viability,” Lutheran Social Ministries of New Jersey president and CEO Colleen Frankenfield said in a statement issued by Tryko. “We, therefore, sought a reputable buyer that shared our vision for renovating and upgrading the community.”
Tryko installed its affiliated skilled nursing operator, Marquis Health Services, as the new operator of the facility, and plans to invest $12 million in upgrades — including the eventual construction of a sub-acute unit with all private beds.
“We are excited about the opportunity to modernize the Cambridge Rehabilitation & Healthcare Center physical plant while increasing amenities and programming,” Tryko director of acquisitions Uri Kahanow said in the statement. “Our goal is to enhance the campus’ appeal while positioning it to better serve regional skilled nursing and assisted living demand.”
Greystone’s $63M Portfolio Deal
Greystone this week announced a $63 million refinance loan, backed by the Department of Housing and Urban Development (HUD), for a portfoliio of five skilled nursing facilities in Pennsylvania owned by Maybrook Holdings.
Initially acquired in 2017, the five properties — located in Easton, Millville, Orangeville, and Stevens, Pa. — total 622 beds.
Greystone’s Fred Levine led the deal on behalf of Maybrook, which is operated by Akiva Glatzer and David Gamzeh.
“We are thrilled that Maybrook Holdings turned to Greystone for their financing needs — it’s a testament to the service we provide and our understanding of the particulars of the skilled nursing space,” Levine said in a deal announcement released this week.