Sisters of St. Joseph of Springfield, Tryko Partners Enter Sale Agreement for Mont Marie Property
Third-Generation Nursing Home Operator Embraces Property’s Rich History
This article is from the Sisters of St. Joseph of Springfield Website. Here is the link to where it was posted on July 31, 2014
HOLYOKE, Mass., July 31, 2014 – The Sisters of St. Joseph of Springfield and Tryko Partners, LLC today announced the signing of a Purchase and Sale agreement for the Mont Marie property including the Mont Marie Health Care Center located on the 52-acre campus in Holyoke. Following a due diligence period now underway, the sale is expected to close this fall.
Tryko Partners, a third-generation nursing home operator with faith-based roots and a strong presence in the Massachusetts skilled nursing market, intends to acquire the 84-bed Mont Marie Health Care Center. The firm also intends to assume the management of the property’s Mont Marie Senior Residence and St. Joseph Residence, which together house 80 age-restricted HUD rental units.
Sisters currently living in the Health Care Center and in the senior residences will continue to do so. SSJ Springfield also will retain use of portions of the Mont Marie property, including its Chapel and cemetery, through a lease agreement. Sisters living in the retirement wing of the motherhouse have been relocated to housing facilities provided by the Sisters of St. Joseph of Boston and the Daughters of the Heart of Mary in Holyoke. By fall the congregational offices will be moved to the former Our Lady of Hope rectory in Springfield.
According to Sister Maxyne D. Schneider, president of the congregation, the decision to sell the Mont Marie property stemmed from more than two years of research led by professional consultants, focused on solutions to alleviate severe financial shortfalls facing the 235-member SSJ Springfield congregation. It was determined that the Mont Marie complex was too large and too expensive to maintain.
“Finding a buyer who wishes to respect our tradition and history at Mont Marie is a source of great gratitude for us. Over 70 of our Sisters will continue to live on the Mont Marie property after the sale, so we are at the beginning of what we expect to be a long and fruitful relationship with Tryko Partners,” Sr. Maxyne said.
Tryko Partners’ Uri Kahanow, director of acquisitions, noted that the rich history of the Mont Marie campus was among the many attributes that drew his firm. “This is a beautiful property that holds an important position in the larger community,” he said. “We have a deep appreciation of its faith-based population, which will continue to contribute to its strength and character. We recognize the significant opportunity we will have to preserve the property’s tradition while building upon its potential.”
Norman Rokeach, director of nursing home operations for Marquis Health Services, Tryko’s in-house healthcare division, noted that a shared commitment to the Mont Marie property has fostered a positive relationship between SSJ Springfield and his organization from the outset. “We are very much looking forward to working with the Sisters as we incorporate the Tryko brand at Mont Marie,” he said.
“Our approach centers on two goals: providing excellent care and providing excellent customer service,” Rokeach added. “We bring a wealth of knowledge, ideas and best practices for adapting to the changing healthcare industry, and staying ahead of the game with innovative rehabilitation and clinical programs.”
Headquartered in Brick, N.J., Tryko Partners is involved in more than 2,000 skilled nursing beds, including eight additional Massachusetts properties. Several Tryko Partners nursing facilities received five-star ratings in U.S. News and World Report’s 2014 “Best Nursing Homes” feature. This distinction recognizes excellence in three categories: state-conducted health inspections, nursing and physical therapy staffing, and quality medical care.
The Sisters of St. Joseph have maintained a presence in the Springfield area since their arrival in 1880, and the Sisters continue to minister to the people of Western Massachusetts and throughout New England. Mont Marie has served as their motherhouse and spiritual center since it opened in 1962. It has also provided space for living quarters, academic training facilities, an infirmary and congregational offices.