Tryko Partners LLC announced Monday it has acquired Neptune City-based Medicenter Rehabilitation & Nursing.
Upon closing the acquisition, the Brick-based private equity real estate group will spend $2.5 million to upgrade the 110-bed property and rename it Coral Harbor Rehabilitation and Healthcare Center.
“This property offers an unparalleled location directly across the street from Jersey Shore University Medical Center — the largest hospital in Monmouth County,” Uri Kahanow, Tryko’s director of acquisitions, said in a prepared statement. “Additionally, it is located only 15 minutes driving distance from our corporate headquarters. Coral Harbor is incredibly well positioned to become a market leader through Tryko’s local corporate support and the expert direction of Marquis Health Services, our in-house healthcare division.”
The upgrades include a complete overhaul of all patient rooms, a new therapy gym, renovation of the dining hall and landscape and parking lot upgrades.
“We are excited about this property and what the improvements will achieve, specifically,” Norman Rokeach, director of nursing home operations for Marquis Health Services, said in a prepared statement. “We will be bundling a first-class environment with our trademark customer service and the outstanding patient care already in place at Coral Harbor.”
The rehab center acquisition was financed through Chicago-based Private Bank.
“This is our eighth skilled nursing facility financed with Private Bank,” Tryko’s Chad Buchanan, chief investment officer, said in a prepared statement. “This organization has become a valued partner of ours – one that continues to support our strategic portfolio growth.”