Marquis Health Services to Launch Multi-Million-Dollar Repositioning at Elmhurst Rehabilitation and Healthcare Center
PROVIDENCE, R.I., – Tryko Partners, LLC continues to grow its presence in the New England skilled nursing community with the December acquisition of Elmhurst Extended Care in Providence. Marquis Health Services, the company’s affiliate and a third-generation nursing home operator, will orchestrate a more than $5 million renovation and repositioning of the property, which has been renamed Elmhurst Rehabilitation and Healthcare Center.
Elmhurst is the largest skilled nursing facility in Rhode Island, employs more than 200 healthcare professionals and represents the state’s only Eden Alternative® facility. The 206-bed property shares a campus with Roger Williams Medical Center and sits next door to the Providence VA Medical Center. Tryko/Marquis purchased Elmhurst from CharterCARE Health Partners, an integrated, multi-level network of providers including two acute care hospitals, two large physician organizations, a regional cancer center, a regional rehabilitation center and a home health service agency.
“Elmhurst has a long-standing reputation for providing quality rehabilitation and long-term care services for Rhode Island-area residents,” noted Tryko Partners’ Uri Kahanow, director of acquisitions. “The professional community and staff have been enthusiastic and supportive of our involvement and plans for the facility. We will be working closely with CharterCARE as we enhance Elmhurst’s role as the go-to skilled nursing provider within a renowned medical campus environment.”
Located at 50 Maude Street in the original Women & Infants’ Hospital building, Elmhurst includes patient care on three floors, with 30 short-term care beds as well as a separate, 12-bed transitional care unit. The balance of the facility is designated for long-term care, including an Alzheimer’s special care unit.
The renovation will modernize the building and accommodate expanded programming. Marquis will incorporate all-new systems, replacement windows and piped-in oxygen for the transitional care unit. The project will also update Elmhurst’s private/semi-private patient rooms and common areas, and introduce enhanced amenities such as day rooms for families and a multimedia room for short-term care patients. The therapy gym will be relocated within the building and expanded. The resulting, 3,000-square-foot facility will offer 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.
“We look forward to continuing the patient-centered, Eden Alternative philosophy that already distinguishes Elmhurst while at the same time augmenting the clinical programs offered here,” noted Norman Rokeach, chief executive officer of Marquis Health Services. “We are developing new pulmonary and cardiac rehabilitation programs, and we are working with Roger Williams Medical Center and other healthcare specialists to identify additional needs in the greater Providence community.” Rokeach added that Marquis will maintain relationships with the managed care organizations and insurance companies already affiliated with Elmhurst.
Chicago-based MB Financial (NASDAQ: MBFI), provided financing for the Elmhurst Rehabilitation and Healthcare Center acquisition. “This marks our first skilled nursing purchase with MB Financial, although we have maintained a relationship in other parts of our business for many years,” noted Tryko’s Chad Buchanan, chief investment officer. “The firm’s Matt Duntemann and Mitch Morgenstern were incredibly helpful in making this a smooth acquisition. We appreciate their partnership and support.”
Elmhurst Rehabilitation and Healthcare Center is located in the heart of Providence, easily accessible from I-95. The property is Medicare and Medicaid certified, and a preferred provider of nearby Miriam Hospital.
For Brick, N.J.-based Tryko Partners, the acquisition marks the firm’s continued expansion in the regional market. Marquis Health Services currently operates 16 facilities totaling approximately 2,000 beds – including the only other Eden Alternative property in New England. The company is recognized as a leading provider for long-term care and rehabilitation services in the Northeast and Mid-Atlantic regions.