Tryko Partners Buys Philly-Area Skilled Nursing Facility
- Mar 20, 2018
Tryko Partners has acquired the ManorCare Health Services at Mercy Fitzgerald Hospital in Yeadon, Pa., from a joint venture of ManorCare Health Services and Mercy Fitzgerald Hospital. The two-story suburban Philadelphia property is a skilled nursing facility with 129 beds, which will undergo $2.5 million upgrades carried out by its new operator, Marquis Health Services. CIBC financed the purchase, while the hospital remained the owner of the land.
The skilled nursing facility—which holds a four-star rating from the Centers for Medicare & Medicaid Services with a five-star rating for quality measures—was renamed into Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald and provides post-hospital care, short-term rehab and long-term residential care. The asset is located at 600 South Wycombe Ave. in Delaware County, on the western outskirts of Philadelphia. The Fernwood-Yeadon station is within 1.3 miles of the site, while Lansdowne Station is a 15-minute walk away.
Recent and future upgrades
The property recently underwent capital improvements of $1 million, including the addition of a 1,500-square-foot therapy space. Tryko Partners’ upcoming renovation plans aim to revitalize the rehab therapy gym, lobby, common areas and patient rooms.
“At Providence Rehabilitation and Healthcare Center, we are currently further developing the facility’s pulmonary-cardiovascular rehab program.” said Norman Rokeach, chief executive officer for Marquis Health Services, in a prepared statement.
“This acquisition marks our second skilled nursing facility in the Greater Philadelphia region,” said Tryko Partners’ Uri Kahanow, director of Acquisitions, in prepared remarks. “As an owner and operator with strong relationships with top area healthcare providers, we are well-suited to partner with Mercy Fitzgerald and look forward to working closely with the hospital.”
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