METHUEN, Mass. — Tryko Partners has acquired Methuen Health & Rehabilitation Center for $7.5 million. Tryko immediately rebranded the facility as Cedar View Rehabilitation and Healthcare Center and launched a $2.5 million renovation plan.
Licensed for 107 beds, Cedar View was built in 1960, renovated in 1995 and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel in Methuen, approximately 25 miles north of Boston along the New Hampshire border.
Tryko, a New Jersey-based private equity investment group, acquired the facility from SMV Methuen. Marquis Health Services is leading the renovation plan, which includes renovating patient rooms, taking several beds offline to increase the percentage of private and semi-private accommodations, expanding the rehabilitation gym and adding new furniture and finishes to the common areas.
Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors brokered the sale. Private Bank provided acquisition financing.