Tryko Partners Acquires Burnt Tavern Skilled Nursing Asset in Brick

On Dec 19, 2014

Tryko Partners, LLC of Brick has expanded its portfolio with a skilled nursing facility in its home town. The firm this month acquired Burnt Tavern Rehabilitation and Healthcare Center and will immediately launch a $1 million renovation and program upgrade at the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center.

Located at 1049 Burnt Tavern Road, Willow Spring includes 148 skilled nursing beds with expansion potential, and an assisted-living component that can accommodate 23 clients. Tryko Partners purchased the asset from the original developer,
NuVision Management.

“NuVision, under the direction of Barton Weisman, founder, and Andy Weisman, president and CEO, has done an outstanding job with this property,” noted Tryko Partners’ Uri Kahanow, director of acquisitions. “The Weismans wanted a buyer who would maintain the facility’s stellar reputation and continue their vision. They appreciated our local presence and hands-on approach, and both sides ultimately are taking great pride in the resulting transaction and smooth transition.”

Tryko Partners’ plans at Willow Spring include a new, state-of-the-art sub-acute care unit, and an expanded rehabilitation facility with cutting-edge equipment and technology. Common areas, patient rooms and assisted living accommodations will be updated, while touch-screen kiosks installed throughout the building will provide enhanced tools for staff.

“We recognized an opportunity to acquire a quality facility and bring it into the 21st century,” noted Tryko Partners’ Chris Welsh, who was instrumental in orchestrating the purchase. “By modernizing the property and incorporating the outstanding patient care and customer service for which our firm is known, we will create a flagship skilled nursing asset right in our own backyard.”

Norman Rokeach, director of nursing home operations for Marquis Health Services, Tryko’s in-house healthcare division, noted that the company’s existing relationships within the regional healthcare community will be instrumental in the expansion and new development of programs at Willow Spring. “At all of our nursing home properties, we tap into relationships with local hospitals and healthcare providers, and work to develop programs that enhance care options for the community,” explained Rokeach, who previously for many years served as a skilled nursing home administrator in the local market. “The fact that we already know so many of the key players here will only augment and expedite these efforts.”

The Willow Spring acquisition closed simultaneously with Tryko Partners’ purchase of a skilled nursing and assisted living property in Holyoke, Mass.; both were financed through CapitalSource, which was recently acquired by Pacific Western Bank. “This was our first time partnering with CapitalSource, and its healthcare team worked diligently with us from start to finish, understanding not only the current operations at each facility, but our management style and operational goals,” said Chad Buchanan, Tryko’s chief investment officer. “With Willow Spring, they saw the facility’s tremendous potential to become a preferred care provider in the Jersey Shore region.”

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