NORRISTOWN, Pa. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, for an undisclosed price.
Tryko has rebranded the property as Markley Rehabilitation & Healthcare Center and plans to implement a $3.5 million investment in physical plant renovations and specialty programming enhancements.
“This facility has significant upside potential,” says 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 the facility 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).
The three-story building was originally constructed in 1980. Tryko has retained the services of Marquis Health Consulting Services for the property.
IDB Bank provided purchase financing for the Norristown acquisition. It is the first time Tryko has closed a deal with this new banking partner.
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