Marquis Health Services to Launch $2.5M Renovation at Skilled Nursing Facility, Renamed Cedar View Rehabilitation and Healthcare Center
METHUEN, Mass., – Methuen Health & Rehabilitation Center has become the newest addition to Tryko Partners LLC’s skilled nursing portfolio. The Brick, N.J.-based private equity investment group purchased the facility, which has been renamed Cedar View Rehabilitation and Healthcare Center, from SMV Methuen, LLC; the firm’s affiliate, Marquis Health Services, will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming.
Licensed for 107 beds, Cedar View was built in 1960, renovated in 1995 and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street; it is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital located one-tenth mile away. Additionally, Lawrence General Hospital, a 189-bed short-term acute care hospital, is just over two miles away.
“This facility’s four-star rating from the Centers for Medicare & Medicaid Services, along with its proximity and established, strong relationships within the local hospital community attracted us,” noted Tryko Partners’ Uri Kahanow, director of acquisitions. “As a company, we specialize in purchasing properties and improving them to meet the evolving needs and expectations of patients and their families. We look forward to upholding Cedar View’s excellent reputation by enhancing the physical asset and introducing additional services to benefit area residents.”
Cedar View Rehabilitation and Healthcare Center includes two resident wings. Marquis Health Services will fully renovate all patient rooms, taking several beds offline to increase the percentage of private and semi-private accommodations. The firm will expand the facility’s gym, which offers rehabilitation therapy seven days per week, with state-of-the-art equipment – including a smart car to help patients simulate actual daily living skills during the rehab process. The improvements will incorporate new furniture and finishes throughout common areas, the main dining room, beauty shop, and administrative offices. Marquis Health Services will also introduce clinically driven pulmonary and cardiac rehabilitation programs.
“Cedar View has been as an important part of the Methuen community for decades, serving a patient base with diverse cultures and backgrounds, and employing a dedicated and highly competent staff – with many members who have worked here for 20-plus years,” noted Norman Rokeach, chief executive officer of Marquis Health Services. “We are looking to build on this rich history. Beyond the physical space improvements, we are developing new programs that will expand care options for area residents. Already, we are working with local healthcare providers to discuss partnerships and collaborations to achieve this goal.”
Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the Cedar View sale. Chicago-based Private Bank provided acquisition financing. “This marks our ninth 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.”
Cedar View Rehabilitation and Healthcare Center is located approximately 30 miles north of Boston, easily accessible from interstates 93 and 495. For Tryko Partners, the acquisition marks the firm’s continued expansion in the regional market. Marquis Health Services currently operates 16 facilities totaling 1,766 beds – with 996 beds in Massachusetts. The company is recognized as a leading provider for long-term care and rehabilitation services in the Northeast and Mid-Atlantic regions.