MAMARONECK, N.Y. — Kiser Group has brokered the sale of Sarah Neuman Skilled Nursing Facility in Mamaroneck, roughly 30 miles northeast of New York City. The property totals 250 beds.
Mark Myers of Kiser Group arranged the sale. The seller was a religious nonprofit organization.
According to Kiser Group, the property was initially under contract for $84 million, but the first buyer had to withdraw from the transaction due to rising interest rates. A second seller presented an offer of $72 million. Ultimately, Myers secured a third buyer and negotiated the final sale price of $76 million.
The seller navigated strict regulations under the New York Attorney General and State authorities, which seek to limit the transfer of nonprofit healthcare properties to for-profit owners. Myers also arranged interim financing, including a $5 million loan, throughout the approval process.
This transaction marks the continuation of a relationship between Myers and the seller. Myers previously brokered the $110 million sale of another skilled nursing facility on behalf of the buyer in 2016, as well as the $40.5 million sale of an independent living facility earlier this year.
“This transaction demonstrates the complexity and persistence often required in healthcare real estate, particularly for nonprofit sellers navigating regulatory approvals and market challenges,” says Myers, who is a partner at Kiser Group. “We were able to identify motivated buyers and achieve a favorable outcome for our client despite significant market and financing hurdles.”