PHILADELPHIA-Brick, NJ-based Tryko Partners, LLC is purchasing Kearsley Campus for $8 million. The 13-acre campus is home to three properties, two rental properties and one skilled nursing facility, all at 2100 N. 49th St. The seller was an unnamed not-for-profit entity associated with New Cortlandt.
The properties are unique, combining regular multifamily with an affordable housing component and a skilled nursing property. Kearsley Apartments and Kearsley Square are both age-restricted rentals, while Kearsley Long Term Care is the nursing facility. Kearsley Apartments is the HUD affordable housing piece, consisting of 87 studio and single-bedroom units. Kearsley Square holds 60 market-rate units and has in-home services from UPenn LIFE program at the University of Pennsylvania School of Nursing. Kearsley Square is the tax credit portion of the property.
The Long Term Care property hosts 84 beds overlooking the Bala Golf Course and catering primarily to Medicaid clients, however director of acquisitions Uri Kahanow tells GlobeSt.com that although the previous owner focused on Medicaid patients, “we will retain that focus, but will add other services as well that will cater to a lot of the different Medicare patients that need services.”
This purchase falls into Tryko’s growing multifamily portfolio. “We roughly have 3,650 units of multifamily [in the portfolio], about 1600 beds in partnership with Tryko ManagCare, a partnership of Tryko Partners and Chicago-based ManagCare, Inc.,” he explains. Of the 3,650 multifamily units, he notes that probably “half of it is affordable and the other half is conventional, mostly value-add deals that we’ve gotten into over the years.” Primarily the portfolio has focused on multifamily on the east coast and nursing homes in Chicago, but the focus is shifting to add more nursing homes on the east coast, this being the first purchase in that endeavor.
The property was uniquely financed as each piece required a different form of funding. The nursing facility was financed through Private Bank in Chicago, while the affordable family portion used a CBC loan from Freddie Mac and the Kearsley Square was grabbed by closing on the tax credit. “It was a pretty interesting transaction with a lot going on,” Kahanow says. “We like the market a lot, and think there’s a lot of potential for growth in Philadelphia and obviously from the skilled nursing side. It’s a very dense populated market with a large senior population and city hospitals. We believe it’s a good place to be.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
