NEPTUNE CITY, NJ—Tryko Partners is acquiring and renaming Medicenter Rehabilitation & Nursing, 2050 6^th Ave., Neptune City, NJ. The Brick Township-based private equity real estate group says it will start immediately on a $2.5 million upgrade of the 110-bed property, to be renamed 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," says Uri Kahanow, Tryko's director of acquisitions. "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 planned improvements center on creating a modern, home-like atmosphere for residents and staff. This will include a complete overhaul of all patient rooms – including private showers, updated flooring, wallpaper, artwork and the installation of flat-screen TVs. Tryko Partners also will construct a new therapy gym with state-of-the-art equipment; renovate the dining hall, common areas and elevators; and improve the grounds with general landscaping upgrades and a resurfaced parking lot.

The firm will also develop and introduce specialty pulmonary and cardiac rehabilitation programs with services seven days per week. Free WiFi will be installed for residents and guests as part of an upgrade of the property's data-related IT and networking equipment.

"We are excited about this property and what the improvements will achieve, specifically," says Norman Rokeach, director of nursing home operations for Marquis Health Services. "We will be bundling a first-class environment with our trademark customer service and the outstanding patient care already in place at Coral Harbor."

Rokeach, who for many years served as a skilled nursing home administrator in the local market, says Marquis Health Services' existing relationships within the regional healthcare community will be instrumental in the expansion and new development of programs at Coral Harbor.

The acquisition was financed through Chicago-based Private Bank.

"This is our eighth skilled nursing facility financed with Private Bank," says Tryko's Chad Buchanan, chief investment officer. "This organization has become a valued partner of ours – one that continues to support our strategic portfolio growth."

The purchase reflects Tryko Partners' active expansion strategy. "We have been aggressively seeking opportunities in New Jersey and feel strongly about growing Tryko's presence in our home state," says the firm's Chris Welsh, who was instrumental in sourcing the Coral Harbor transaction. "We look forward to targeting additional acquisitions here in 2016."

Tryko Partners owns more than 2,000 skilled nursing beds, and also invests in multifamily properties (its portfolio includes more than 7,200 rental units) and tax liens along the Eastern Seaboard and in the Midwest.