Quality Care Properties divested one of its HCR ManorCare-operated skilled nursing facilities in New Jersey, with Tryko Partners stepping in as the buyer. Built in 1974, the 106-bed facility is located in New Providence (Newark MSA), which will complement Tryko’s existing strong presence in central and northern New Jersey. The facility is located close to six area hospitals, but currently just two providers refer about 90% of admitted patients. With services that include post-acute, short-term rehab and long-term residential care, it also maintains a five-star rating from CMS.
Even with the already-high rating, Tryko will still immediately launch into a multi-million-dollar upgrade of the facility. Its affiliate Marquis Health Services will operate the facility and oversee its capital improvement project. Marquis will also re-open a currently unused wing of the building, build a new rehab gym, and resurface the parking lots and driveways. All of these changes should help the newly rebranded facility to attract more subacute and specialized care patients. CIBC, one of Tryko’s banking partners, financed the acquisition.