NEW CARDIAC AND PULMONARY PROGRAM PLANNED FOR EASTON, PA., FACILITY
EASTON, Pa., March 11, 2013 – New Eastwood Care & Rehabilitation Center in Easton has become the latest addition to Tryko Partners ’ skilled nursing portfolio. The The private equity real estate group, based in Brick, N.J., purchased the facility from Signature HealthCARE for $6.3 million and will immediately invest more than $500,000 in physical and program enhancements.
Located at 2125 Fairview Avenue, directly across the street from Easton Hospital, the two-story nursing home includes 97 beds. “New Eastwood benefits from a superb location with limited competition in the immediate area,” noted Uri Kahanow, Tryko’s Director of Acquisitions. “It also is right in our backyard, just an hour away from both our corporate headquarters and our Kearsley Rehabilitation and Nursing Center facility in Philadelphia. In short, New Eastwood is a great strategic fit for us.”
Marquis Health Services, Tryko’s in-house healthcare division, will launch a capital improvement program focused on renovating and upgrading New Eastwood’s therapy gym, rehabilitation rooms and common areas. The firm also will complete cosmetic upgrades in patient rooms. “The improvements will create a home-like atmosphere to complement quality care and excellent customer service – elements that distinguish all of our nursing home properties,” Kahanow said.
Additionally, the company will incorporate new cardiac and pulmonary rehabilitation programs. “We met with the administration at Easton Hospital to talk about ways that we can better serve the Easton-area community,” noted Norman Rokeach, Director of Nursing Home Operations for Marquis Health Services. “Cardiac and pulmonary issues represent a significant percentage of the diagnoses there that require rehabilitation, yet no local options have been available for this patient population. We are pleased to be able to fulfill this need.”
The Private Bank, based in Chicago, provided Tryko Partners with financing for the New Eastwood acquisition. Sam Dendrinos and Laura Santillanes managed the transaction. “This is the second time we have worked with Sam and Laura, who also helped us with our acquisition of the Kearsley campus in 2011,” noted Chad Buchanan, Tryko Partners’ chief investment officer. “Their customer-focused approach enabled us to work in a tight timeframe. We moved from contract to closing in just 60 days.”
The New Eastwood purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently is involved in more than 1,500 skilled nursing beds. 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.