BRIARWOOD HEALTHCARE & REHABILITATION CENTER MARKS GROWING LOCAL PRESENCE
NEEDHAM, Mass., Jan. 3, 2012 – Private equity real estate group Tryko Partners, LLC of Brick, N.J., has added Briarwood Healthcare & Rehabilitation Center, a 120-bed skilled nursing facility in Needham, to its healthcare portfolio. The $12.5 million purchase closed this week, representing the firm’s growing foothold in the regional market.
Tryko Partners purchased Briarwood from its long-time and well-respected owner/administrator Walter Collins. The property includes sub-acute, long-term care and Alzheimer’s units, with an onsite dining room, kitchen, laundry room, beauty salon, and offices and conference rooms. Briarwood is located at 150 Lincoln Street, just 1,000 feet from Beth Israel Deaconess Hospital-Needham, and less than 10 miles from both The VA Boston Healthcare System and Harvard Pilgrim Healthcare.
The acquisition represents a departure from the norm for Tryko Partners, which typically specializes in turnaround properties. “Briarwood has been maintained and operated incredibly well,” noted Uri Kahanow, the firm’s director of acquisitions. “It has a phenomenal reputation in the local and medical communities. Walter and his team continuously upgraded the facilities and services here. Simply put, this is a terrific asset in an excellent, suburban Boston location, and we look forward to building on its success.”
To that end, Tryko Partners plans to enhance Briarwood’s services with the addition of new orthopedic and cardiac rehabilitation programs. The firm also will invest approximately $1 million in capital improvements at the property. Most notably, this will include a significant expansion of the rehabilitation gym, resulting in a physical therapy suite approximately four times its current size, with new equipment and added services.
“Our goal is to expand on Briarwood’s recognized excellence,” noted Norman Rokeach, director of nursing home operations for Marquis Health Services, Tryko’s in-house healthcare division. “We anticipate that our approach – focused on hands-on, quality care – will be well received by our patients and their families. We also look forward to providing new services that respond to needs within the local community and continuing the close working relationships Walter established with the physicians at Beth Israel-Deaconess.”
According to Chad Buchanan, Tryko’s vice president of investments, the transaction progressed smoothly and quickly, closing just 60 days after his firm’s initial introduction to Briarwood. Jeremy and Jason Stroiman of Evans Senior Investment served as brokers in the sale. Jack Shea and John Davison of Rockland Trust arranged the financing.
“Rockland Trust already was familiar with this facility, and being a local, relationship-based bank, they were able to move quickly and judiciously to help us achieve a year-end close,” Buchanan said. “We look forward to continuing this new association with Rockland Trust; in fact, we are already in discussions regarding an additional financing project.”
The purchase of Briarwood Healthcare & Rehabilitation Center marks Tryko’s growing presence in the Massachusetts skilled nursing community. The firm, through Marquis Health Services, already manages Coyne Healthcare, a 110-bed facility in Rockland. It also marks a renewed emphasis on healthcare investment opportunities. Tryko is involved in more than 1,500 skilled nursing beds and currently is in contract to purchase another facility in Pennsylvania.
“Our approach to nursing home operation centers on two goals: providing excellent care and providing excellent customer service,” Rokeach said. “Our senior team members have decades of experience in this business. They bring a wealth of knowledge, ideas and best practices for adapting to the changing healthcare industry, and staying ahead of the game with innovative rehabilitation and clinical programs. With each acquisition, we look at the property and the market to see how we can create a warm living and working environment, and provide services that bridge any healthcare gaps in the larger community.”
Tryko also is well known for its involvement in the multifamily investment sector; it currently maintains a growing, 5,000-unit residential portfolio. The 23-year-old organization invests in multifamily properties, healthcare facilities, and tax liens throughout the Northeast – including Pennsylvania, New Jersey, New York, Maryland and Delaware – and the greater Chicago market in the Midwest.