Brick-based Tryko Partners, a private equity investment firm, said Tuesday it acquired Lutheran Crossings at Moorestown and plans to spend $12 million on improvements in a two-phase project.
Located at 255 E. Main St., the 201-bed skilled nursing, 63-unit assisted living campus in Moorestown provides post-hospital care, short-term rehab and long-term residential care within its skilled nursing component, which has been renamed Cambridge Rehabilitation & Healthcare Center. Its assisted living offering, rebranded as Cambridge Enhanced Senior Living, features a dedicated memory care neighborhood.
The 14-acre campus is just 12 miles east of Philadelphia.
Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Updates will also include the incorporation of a state-of-the-art therapy gym, renovations to the facility’s lobby and common areas, and upgrades to mechanical systems and roofs. Tryko Partners anticipates approximately $8 million in additional investment at Cambridge including the design of a 40-bed sub-acute unit containing all private suites, and a 40-bed Alzheimer’s care program.
The Lutheran Crossings campus has a rich history and is listed on the National Register of Historic Places. Originally built in 1894 it was purchased in 1939 by famed inventor Eldridge Johnson, who later sold it to the Lutheran Social Ministries of New Jersey. That organization opened a skilled nursing facility on the property in 1947, and expanded to its current capacity in the 1990s. The assisted living component opened in a 2007 addition.
“Lutheran Ministries is well-known in this community, and we appreciate the confidence they have put in us to continue the legacy of this landmark property,” said Tryko’s Uri Kahanow, director of acquisitions. “This campus has great potential in a market we know well, and where we already have established relationships with the leading health systems.”
Tryko Partners’ regional portfolio also includes Laurel Brook Rehabilitation & Healthcare Center in nearby Mount Laurel, and three additional facilities in Philadelphia and Yeadon, Pa.
Cambridge retained the services of Marquis Health Services, Tryko Partners’ health care affiliate. Marquis will oversee the renovation program and, together with a carefully assembled team of clinical, compliance and financial consultants, Marquis and Cambridge will create specialty care programming.