$2.5 Million Upgrade to Modernize, Enhance Environment at 110-bed Property
NEPTUNE CITY, N.J., – Tryko Partners, LLC has announced its acquisition of Medicenter Rehabilitation & Nursing, located at 2050 6th Ave. in Neptune City. Based in Brick, N.J., the private equity real estate group will immediately launch a $2.5 million upgrade of the 110-bed property, to be renamed Coral Harbor Rehabilitation and Healthcare Center.
“This property offers an unparalleled location directly across the street from Jersey Shore University Medical Center – the largest hospital in Monmouth County,” noted Uri Kahanow, Tryko’s director of acquisitions. “Additionally, it is located only 15 minutes driving distance from our corporate headquarters. Coral Harbor is incredibly well positioned to become a market leader through Tryko’s local corporate support and the expert direction of Marquis Health Services, our in-house healthcare division.”
The planned improvements center on creating a modern, home-like atmosphere for residents and staff. This will include a complete overhaul of all patient rooms – including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen TVs. Tryko Partners also will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot.
The firm will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week. Free WiFi will be installed for residents and guests as part of an upgrade of the property’s data-related IT and networking equipment.
“We are excited about this property and what the improvements will achieve, specifically,” noted Norman Rokeach, director of nursing home operations for Marquis Health Services. “We will be bundling a first-class environment with our trademark customer service and the outstanding patient care already in place at Coral Harbor.”
Rokeach, who for many years served as a skilled nursing home administrator in the local market, noted that Marquis Health Services’ existing relationships within the regional healthcare community will be instrumental in the expansion and new development of programs at Coral Harbor. “Coral Harbor’s proximity to Jersey Shore University Medical Center is a terrific advantage,” he noted. “The hospital is home to a number of specialized programs and is recognized as one of the best in the nation by U.S. News & World Report. We look forward to mirroring that quality and providing a flagship skilled nursing option for area residents.”
The Coral Harbor acquisition was financed through Chicago-based Private Bank. “This is our eighth skilled nursing facility financed with Private Bank,” noted Tryko’s Chad Buchanan, chief investment officer. “This organization has become a valued partner of ours – one that continues to support our strategic portfolio growth.”
The purchase reflects Tryko Partners’ active expansion strategy. “We have been aggressively seeking opportunities in New Jersey and feel strongly about growing Tryko’s presence in our home state,” noted the firm’s Chris Welsh, who was instrumental in sourcing the Coral Harbor transaction. “We look forward to targeting additional acquisitions here in 2016.”
Tryko Partners is involved in more than 2,000 skilled nursing beds, including several properties that received five-star ratings in U.S. News and World Report’s2015 “Best Nursing Homes” feature. The company also invests in multifamily properties (its portfolio includes more than 7,200 rental units) and tax liens along the Eastern Seaboard and in the Midwest.