MOORESTOWN, N.J., Feb. 11, 2020 – Private equity investment firm Tryko Partnershas acquired Lutheran Crossings at Moorestown, a 201-bed skilled nursing/63-unit assisted living campus in Moorestown. The property is slated for a two-phase, $12 million improvement campaign under the new ownership.
Located at 255 E. Main Street, Lutheran Crossings provides post-hospital care, short-term rehab and long-term residential care within its skilled nursing component, which has been renamed Cambridge Rehabilitation & Healthcare Center. Its assisted living offering, rebranded as Cambridge Enhanced Senior Living, features a dedicated memory care neighborhood. The bucolic, 14-acre campus sits in the heart of picturesque downtown Moorestown, 12 miles east of Philadelphia.
The Lutheran Crossings campus has a rich history and is listed on the National Register of Historic Places. Originally built in 1894 as a private residence, it was purchased in 1939 by famed inventor Eldridge Johnson, who later sold it to the Lutheran Social Ministries of New Jersey. That organization opened a skilled nursing facility on the property in 1947, and expanded to its current capacity in the 1990s. The assisted living component opened in a 2007 addition.
“Lutheran Ministries is well-known in this community, and we appreciate the confidence they have put in us to continue the legacy of this landmark property,” said Tryko’s Uri Kahanow, director of acquisitions. “This campus has great potential in a market we know well, and where we already have established relationships with the leading health systems.” Tryko Partners’ regional portfolio also includes Laurel Brook Rehabilitation & Healthcare Center in nearby Mt. Laurel, N.J., and three additional facilities in Philadelphia and Yeadon, Pa.
“We operate all of our entities separately,” said Colleen Frankenfield, president and CEO of Lutheran Social Ministries of New Jersey. “Lutheran Crossings presented our organization with a series of unique challenges that prevented us from moving forward with plans to ensure its long-term viability. We, therefore, sought a reputable buyer that shared our vision for renovating and upgrading the community. Tryko Partners emerged as a clear choice and has worked closely with us to ensure a smooth transition.”
“We are excited about the opportunity to modernize the Cambridge Rehabilitation & Healthcare Center physical plant while increasing amenities and programming,” Kahanow added. “Our goal is to enhance the campus’ appeal while positioning it to better serve regional skilled nursing and assisted living demand.”
Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a state-of-the-art therapy gym, renovations to the facility’s lobby and common areas, and upgrades to mechanical systems and roofs.
Cambridge 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. Marquis will oversee the renovation program and, together with a carefully assembled team of clinical, compliance and financial consultants, Marquis and Cambridge will create specialty care programming.
Tryko Partners anticipates approximately $8 million in additional investment at Cambridge. “We are finalizing extensive renovation and expansion plans for the campus – including the design of a brand-new, 40-bed sub-acute unit containing all private suites and a new, 40-bed Alzheimer’s care program,” Kahanow said. “We look forward to going before the Township for approvals at the appropriate time.”
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.