Tryko Partners Adds Five Massachusetts Skilled Nursing Assets
Two Acquisitions, Three Ventas Leases Mark First Portfolio Play for N.J. Firm.
- Bergen-Passaic, NJ (1888PressRelease) June 12, 2014 - In a strategic move to grow its skilled nursing presence in the Massachusetts market, Tryko Partners, LLC has acquired two properties from Ventas, Inc. (NYSE: VTR) and entered into a lease contract to operate three additional assets that the healthcare REIT will continue to own. The transaction adds 470 beds to the Brick-based private equity real estate firm's expanding portfolio.
Tryko Partners currently is involved in more than 2,000 skilled nursing beds, including additional Massachusetts properties in Danvers, Needham and Rockland. "These properties are a great addition to our skilled nursing portfolio," noted the firm's Uri Kahanow, director of acquisitions. "We have been building our senior management team with seasoned operations, financial and marketing professionals with the goal to take on portfolios of assets. Today, we have the people and resources in place to grow exponentially. This is an exciting time for our company."
The acquired properties include the 88-bed Hammersmith House Nursing Care Center in Saugus, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center; and the 87-bed Hillcrest Nursing and Rehabilitation Center it Fitchburg, which will be renamed Valley Stream Rehabilitation and Healthcare Center. Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster; and the 81-bed Oak Wood Rehabilitation and Nursing Center in Webster, which will be renamed Brookside Rehabilitation and Healthcare Center.
As a third-generation nursing home operator, Tryko Partners brings deep experience to its facilities. "Our approach to nursing home operation centers on two goals: providing excellent care and providing excellent customer service," 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 residents and their families."
At each of the properties, Tryko Partners will enhance or add new services that respond to needs within the local community, and work to establish close associations with area hospitals and medical providers. For example, in Fitchburg, the firm plans to expand the well-established pulmonary program at Valley Stream. In Saugus, it will launch a new stroke program at Chestnut Woods. In addition, all properties will be undergoing a $2 million renovation program.
Kahanow noted that the June transaction speaks to Tryko Partners' strengthening partnership with Ventas. Last fall, the firm acquired Brentwood Rehabilitation and Healthcare Center in Danvers from the company. "We are honored to continue partnering with Ventas, which is recognized as one of the country's largest and most respected healthcare REITs," he said. "We look forward to a long and prosperous working relationship."
Financing for the two property acquisitions was provided by The PrivateBank. "These represent the fifth and sixth facilities financed for us by one of our most valued business partners," said Chad Buchanan, Tryko Partners' chief investment officer. "Like us, The PrivateBank's management recognizes the inherent value in these assets - and what we will be able to create." Tryko Partners is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.
The Massachusetts expansion reflects Tryko's continued investment emphasis in the skilled nursing sector. Several Tryko Partners nursing facilities received five-star ratings in U.S. News and World Report's 2013 "Best Nursing Homes" feature. This distinction recognizes excellence in three categories: state-conducted health inspections, nursing and physical therapy staffing, and quality medical care.
Tryko Partners also is well known for its involvement in the multifamily investment sector; it currently maintains a growing, 6,000-unit residential portfolio. The organization invests in multifamily properties, healthcare facilities, and tax liens throughout the Northeast - also including Pennsylvania, New Jersey, New York, Maryland and Virginia.
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