BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick.
The borrower is Tryko Partners, which purchased and rebranded the community in 2013.
When Tryko bought the property, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. Tryko then implemented a $1 million improvement plan.
Renovations included a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management.