NORTH PROVIDENCE – Hopkins Manor will be acquired by private-equity firm Tryko Partners for $14.5 million, the firm announced Wednesday.
The 200-bed nursing facility located at 610 Smithfield Road was in receivership and the sale has been court approved. It will be renamed Lincolnwood Rehabilitation & Healthcare Center. The facility will provide short-term and long-term care, as well as Alzheimer’s disease and dementia programs, hospice and respite services.
Tryko and its health care affiliate Marquis Health Services said they specialize in the purchase and revitalization of struggling facilities. The company will also “substantially renovate” the facility. Tryko said it will invest roughly $5 million to support renovations and specialty programming enhancements.
The facility will not be Tryko’s only property in the area, as its portfolio already includes the Elmhurst Rehabilitation & Healthcare Center in Providence.
“Greater Providence is a desirable market – one in which we have established relationships with leading health care providers,” said Uri Kahanow, director of acquisitions at Tryko. “We look forward to expanding our presence and our partnerships here.”
The receivership and sale was overseen by the R.I. Superior Court-appointed Special Master Jonathan N. Savage of Shechtman Halperin Savage LLP. Savage was credited with stabilizing the facility, as well as with its marketing for sale. The facility had been in receivership for seven weeks.
“Our goal from day one of this proceeding was to get this critical community asset into the hands of a capable caretaker who was willing to invest for the benefit of the community as a whole,” said Savage. “Of the 12 bidders with whom we negotiated, Tryko stood above the rest in terms of their resume, willingness to invest and track record in skilled nursing in our state. We are confident that they are the right custodians to carry this critical facility into its next chapter.”
