NORRISTOWN, Pa., Feb. 16, 2021 – Private equity investment firm Tryko Partners has expanded its greater Philadelphia regional portfolio with the acquisition of the Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown. The newly acquired facility – renamed Markley Rehabilitation & Healthcare Center – is slated for an immediate $3.5 million investment in physical plant renovations and specialty programming enhancements.
“This facility has significant upside potential,” said Tryko’s Uri Kahanow, director of acquisitions. “It has good bones and is located in a prime market, one in which we have nearly a decade of experience and facilities that enjoy established partnerships with leading healthcare providers.”
Located on five acres at 550 E. Fornance Street, Markley sits within densely populated and affluent Montgomery County, approximately 12 miles northwest of downtown Philadelphia. It is within a 10-mile radius of nine short-term acute-care hospitals. The facility, which was previously owned by a faith-based nonprofit organization for 50 years, maintains a four-star rating for quality measures from the Centers for Medicare and Medicaid Services (CMS).
Planned upgrades are expected to touch on every part of the three-story building, which was originally constructed in 1980. It will create a modern, home-like environment for residents and enhance the facility’s capabilities to provide top-level therapy and programming options. “We are known for investing heavily in our acquisitions, transforming them into exceptional rehab and long-term care facilities,” Kahanow added. “We will do just the same with Markley.”
Timothy Bonjo, who was the secretary on the nonprofit’s board of directors, was instrumental in the sale transaction. “We were very impressed with Tryko’s professionalism and commitment,” he said. “The team’s focus on supporting progressive skilled nursing will take the facility to the next level and enable the care of more clinically complex residents.”
A shared vision for the future of Markley was key for the Tryko team as well. “From the outset, there was a mutual connection and a sense of synergy with Tim,” said David Katz, Tryko’s vice president of acquisitions. “This was an important part of the acquisition process and has paved the path for a smooth ownership transition.”
Markley has retained the services of Marquis Health Consulting Services. Marquis is a highly skilled and vision-driven nursing home consulting company currently supporting Mid-Atlantic and New England facilities totaling nearly 4,500 skilled nursing and assisted living beds. Marquis, together with other carefully assembled teams of clinical, compliance and financial consultants, will create market-specific specialty care programming, leveraging strong in-place working relationships.
Tryko’s regional portfolio includes four additional skilled nursing facilities in Philadelphia, Springfield and Yeadon, Pa. “Our commitment to the skilled nursing sector as a whole and the greater Philadelphia market, specifically, remains deep; we are here for the long term,” noted Kahanow.
IDB Bank provided purchase financing for the Norristown acquisition. It is the first time Tryko has closed a deal with this new banking partner.
In addition to investing in skilled nursing facilities, Brick, N.J-based Tryko Partners also purchases multifamily properties and tax liens along the Eastern Seaboard and in the Midwest. Founded in 1989, the company has established successful, long-term partnerships with both individual and institutional investors, as well as a wide network of relationships with financing entities.