Greystone Closes $43.9M Portfolio Deal; Tryko Picks Up 200-Bed SNF from Receivership for $14.5M

Greystone this week announced the closure of $43.9 million in Department of Housing and Urban Development (HUD)-backed financing for three affiliated skilled nursing facilities operated by Centers for Care.

The three properties in upstate New York — the Ontario Center for Nursing and Rehabilitation in Canandaigua, the Steuben Center for Nursing and Rehabilitation in Bath, and the Corning Center for Nursing and Rehabilitation in Corning — have a total of 323 beds.

Fred Levine originated the transactions for the New York City-based Greystone.

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Trkyo, Marquis Grow in New England

Tryko Partners this week announced the acquisition of Hopkins Manor, a 200-bed skilled nursing facility in North Providence, R.I., out of receivership for $14.5 million.

The property had been under the temporary supervision of attorney Jonathan Savage, the court-appointed special master for the facility, for the past seven weeks, according to the Brick, N.J.-based Tryko.

The private equity firm will install its operational affiliate, Marquis Health Services, and invest $5 million to renovate the physical plant and implement new specialty programming.

Receivership serves as a kind of state-level alternative to bankruptcy for nursing homes, in which a temporary operator attempts to stabilize operations until a permanent replacement can be found.

Savage praised Tryko’s operational history in a statement.

“Of the 12 bidders with whom we negotiated, Tryko stood above the rest in terms of their resume, willingness to invest, and track record in skilled nursing in our state,” Savage said. “We are confident that they are the right custodians to carry this critical facility into its next chapter.”

Tryko also owns Elmhurst Rehabilitation & Healthcare Center in Providence, on the campus of Roger Williams Medical Center and adjacent to the Providence VA Medical Center.

“Greater Providence is a desirable market — one in which we have established relationships with leading health care providers,” director of acquisitions Uri Kahanow said. “We look forward to expanding our presence and our partnerships here.”

EDM to Build New SNF in Ohio

EDM Management, Inc. will soon begin construction on a $12.7 million skilled nursing facility in Boardman, Ohio, a suburb of Youngstown, according to a report in The Business Journal.

Briarfield Place will be a 58-bed skilled nursing facility with all private units, located near an acute care campus operated by Mercy Health, the publication reported. The new facility will employ about 70 people.

The Boardman-based EDM Management operates a host of other skilled nursing and assisted living facilities in the region.

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