Tryko Partners Adds New Providence, N.J. Skilled Nursing Facility to Marquis Health Services Portfolio
Immediate Launch of Multi-Million-Dollar Upgrade Planned
NEW PROVIDENCE, N.J., Sept. 11, 2018 – Tryko Partners, LLC continues to grow its New Jersey skilled nursing portfolio with the acquisition of ManorCare Heath Services-New Providence in New Providence. Marquis Health Services, the company’s healthcare affiliate, will launch an immediate multi-million-dollar upgrade of the 106-bed facility, which has been renamed Spring Grove Rehabilitation & Healthcare Center.
Spring Grove Rehabilitation & Healthcare Center provides post-hospital care, short-term rehab and long-term residential care, and maintains a five-star rating from the Centers for Medicare & Medicaid Services. Located at 144 Gales Drive, the one-story, 34,380-square-foot building, developed in 1974, sits on nearly seven acres.
“Tryko Partners maintains a strong, long-time presence in Central and Northern New Jersey, and we are pleased to continue the expansion of our regional skilled nursing portfolio,” said Uri Kahanow, director of acquisitions for the Brick, N.J.-based organization. “Our immediate renovation will take this property to a new level, and we are confident the local market will appreciate the high standards Marquis Health Services maintains for both physical plants and delivery of care.”
Improvements at Spring Grove Rehabilitation & Healthcare Center will focus on creating a modern, home-like environment for patients and staff. Renovations will include the addition of a new rehab gym with state-of-the-art equipment, and a complete overhaul and update of patient rooms, common areas and hallways. Marquis Health Services also will re-open a currently unused wing of the building. Outdoors, parking lots and driveways will be resurfaced.
Spring Grove Rehabilitation & Healthcare Center offers proximity to six area hospitals. Currently two providers refer 90 percent of admitted patients. “We take pride in our well-established partnerships with New Jersey’s top healthcare systems, and our relationships with state agencies as well,” noted Norman Rokeach, chief executive officer of Marquis Health Services. “At Spring Grove, we look forward to aligning our programming with the region’s needs specific to subacute care and related areas of specialization.”
Tryko Partners purchased Spring Grove Rehabilitation & Healthcare Center from Quality Care Properties, Inc. “CIBC, one of our most trusted banking partners, financed the acquisition of Spring Grove,” said Tryko Partners’ Chad Buchanan, chief investment officer. “Their team continues to provide attentive service, enabling us to close transactions in a smooth and efficient manner.”
With Spring Grove Rehabilitation & Healthcare Center, the Marquis Health Services Mid-Atlantic portfolio has expanded to 11 skilled nursing facilities. This includes four additional New Jersey properties: Laurel Brook Rehabilitation & Healthcare Center in Mt. Laurel, Oakland Rehabilitation & Healthcare Center in Oakland, Coral Harbor Rehabilitation & Healthcare Center in Neptune City, and Willow Springs Rehabilitation & Healthcare Center in Brick. The growing brand also operates 10 facilities in New England. Today 75 percent of the Marquis Health Services portfolio has received four- and five-star ratings for outstanding care.
Tryko Partners, LLC, a family-owned organization with three generations of skilled nursing involvement, also purchases multifamily properties and tax liens along the Eastern Seaboard and in the Midwest. The company has an outstanding reputation as an operator, developer and property manager.