Third-Generation Nursing Home Operator Embraces Property’s Rich History
HOLYOKE, Mass., Dec. 10, 2014 – Tryko Partners, LLC has acquired the Mont Marie skilled nursing and age-restricted affordable housing campus in Holyoke from The Sisters of St. Joseph (SSJ) of Springfield. The 52-acre property includes the 84-bed Mont Marie Health Care Center, along with Mont Marie Senior Residence and St. Joseph Residence, which together house 80 senior HUD rental units.
Based in Brick, N.J., Tryko Partners is a third-generation nursing home operator with a strong presence in the Massachusetts skilled nursing market. The rich history of the Mont Marie campus, which opened in 1962, was among the many attributes that drew the firm.
“This is a beautiful property that holds an important position in the larger community,” noted Tryko Partners’ Uri Kahanow, director of acquisitions. “We have a deep appreciation of its faith-based population, which will continue to contribute to its strength and character.”
Tryko Partners’ Chris Welsh was instrumental in orchestrating the acquisition as well. “This was a complex transaction with many moving parts,” he said. “We worked closely with SSJ every step of the way, and the resulting team effort led to a positive outcome that met the Sisters’ goals as well as our own.”
The purchase was financed through CapitalSource, which recognized the property’s value and potential, according to Chad Buchanan, Tryko’s chief investment officer. “Mont Marie Health Care Center has an outstanding reputation already, being a five-star, deficiency-free facility,” he said. “CapitalSource is a terrific partner as we look to preserve the property’s tradition while modernizing the asset and operations to create a flagship skilled nursing center.”
SSJ Springfield will retain use of portions of the Mont Marie property, including its Chapel and cemetery, through a lease agreement. More than 70 of the Sisters will continue to live at Mont Marie as well. “We are thankful to have found a buyer who understands how important Mont Marie has been to our Congregation and to the people in the Springfield area,” said Sister Maxyne D. Schneider, president of the SSJ Springfield congregation. “We are optimistic that our amicable and productive relationship with Tryko Partners will continue in the future.”
Norman Rokeach, director of nursing home operations for Marquis Health Services, Tryko’s in-house healthcare division, noted that a shared commitment to the Mont Marie property has fostered collaboration between SSJ Springfield and his organization from the outset. “We are very much looking forward to working with the Sisters as we incorporate the Tryko brand at Mont Marie,” he said. “We bring a wealth of knowledge, ideas and best practices for adapting to the changing healthcare industry, and staying ahead of the game with innovative rehabilitation and clinical programs.”
Tryko Partners is involved in more than 2,000 skilled nursing beds, including eight additional Massachusetts properties. Several Tryko Partners nursing facilities received five-star ratings in U.S. News and World Report’s 2014 “Best Nursing Homes” feature. This distinction recognizes excellence in three categories: state-conducted health inspections, nursing and physical therapy staffing, and quality medical care.
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