Tryko Expands Again with PA Pickup; Monticello Provides $41M for Two-SNF Refinance

Tryko Partners, a private equity firm based in Brick, N.J., purchased the Harlee Manor and Springfield Commons campus in Springfield, Pa., adding 173 skilled nursing beds and personal care units to the firm’s Philadelphia regional portfolio, according to a statement announcing deal.

The campus and its facilities were renamed Springfield Enhanced Senior Living and are being generally rebranded, with an immediate $2.5 million investment in renovations and specialty care programming.

The SNF and personal care parts of the campus will be renamed Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively.

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In the Keystone State, personal care homes provide shelter, meals, supervision, and assistance with tasks for seniors and or people with physical, behavioral health, or cognitive disabilities who do not need nursing home or medical care.

“Springfield Enhanced Senior Living is a natural expansion move in an appealing market — one that we know well and in which we have established relationships with leading health care providers,” Uri Kahanow, director of acquisitions, said in a statement.

Tryko’s regional portfolio includes three additional skilled nursing facilities in Philadelphia and Yeadon, Pa., according to the release.

Springfield retained Marquis Health Services, Tryko Partners’ healthcare affiliate; M&T Bank, a repeat partner for the private equity firm, provided the purchase financing.

The deal comes shortly after Tryko announced the purchase of Hopkins Manor, a 200-bed skilled nursing facility in North Providence, R.I., out of receivership for $14.5 million.

Monticello’s $41M Portfolio Deal

Monticello, a private real estate and asset-based lender, asset manager and servicer, provided $41 million in first-lien debt financing for the refinance of two skilled nursing properties totaling 336 beds in the state of Tennessee.

The transaction was conducted on behalf of an owner-operator with a portfolio of 8,752 licensed beds; Monticello had worked with the sponsor on previous acquisitions, according to a release announcing the deal.

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