SPRINGFIELD, Pa., June 19, 2020 – The June acquisition of the Harlee Manor and Springfield Commons campus in Springfield has added 173 skilled nursing beds and personal care units to Tryko Partners’ greater Philadelphia regional portfolio. The purchase – at a time when the skilled nursing sector has borne significant impact from the COVID-19 crisis – punctuates the Brick, N.J., private equity investment firm’s commitment to the industry, according to Uri Kahanow, director of acquisitions.
Renamed Springfield Enhanced Senior Living, the campus and its facilities are being rebranded, including an immediate, $2.5 million investment in physical plant renovations and specialty care programming enhancements. The skilled nursing and personal care components will be known moving forward as Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively.
Located on more than six acres at 463 West Sproul Road, Springfield Enhanced Senior Living sits within a densely populated, affluent community approximately 12 miles west of downtown Philadelphia. The campus is just one-half mile from Springfield Hospital, and is approximately five miles from Delaware County Memorial Hospital, Taylor Hospital and Crozer-Chester Medical Center – the three facilities comprising the Crozer-Keystone Health System.
Tryko Partners’ regional portfolio includes three additional skilled nursing facilities in Philadelphia and Yeadon, Pa. “Springfield Enhanced Senior Living is a natural expansion move in an appealing market – one that we know well and in which we have established relationships with leading healthcare providers,” Kahanow noted.
“Despite the recent challenges this industry has faced during the global coronavirus pandemic, our commitment to it continues unabated,” he added. “We recognize that the current climate mandates the merging of top-quality care and customer service, and this always has been the foremost objective forTryko-owned facilities. This newest addition will be no exception in reflecting a deep commitment to patients, families, the larger community and the industry.”
Springfield Enhanced Senior Living has retained the services of Marquis Health Services, Tryko Partners’ healthcare affiliate. The highly skilled and vision-driven nursing home administrative services company currently supports Mid-Atlantic and New England facilities totaling nearly 4,500 skilled nursing and assisted living beds, as well as more than 2,000 independent living units. Together with a carefully assembled team of clinical, compliance and financial consultants, Springfield Enhanced Senior Living and Marquis will create specialized programming designed to meet local healthcare needs.
M&T Bank, a repeat partner for Tryko Partners, again provided purchase financing for the Pennsylvania acquisition. “Given the current headwinds in the Senior Housing industry, it is even more critical for banks to align themselves with knowledgeable and well-seasoned management teams who understand and value partnerships, “ said M&T Bank’s Christian Montgomery, vice president and senior healthcare relationship manager. “Tryko Partners continues to exercise a highly selective approach to expanding its Skilled Nursing and Senior Living portfolio, and we appreciate the opportunity to continue supporting them in executing on their growth plans.”
In addition to investing in skilled nursing facilities, 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.