Who we are
Wert-Berater, Inc. has prepared independent feasibility studies for lenders, certified development companies, and federal agencies since 1998 — more than four thousand engagements representing $40.2 billion in evaluated project value across all fifty states and international assignments. Our fiduciary duty runs to the lender and the agency, never to the sponsor’s optimism: fees are fixed, quoted up front, never contingent on findings, and a determination is never changed under pressure.
What we do
An office or medical office project succeeds or fails on tenancy, not on construction. The feasibility question is whether the trade area's employment base, physician supply, payer mix, or corporate absorption trend supports the proposed rentable square footage at the underwritten rent, and whether lease-up reaches stabilized occupancy inside the loan's interest-carry window. For medical office, the analysis extends to provider demand by specialty, referral patterns, hospital affiliation economics, and the regulatory environment governing outpatient sites of care. Speculative office in a post-pandemic absorption environment receives particularly conservative treatment: the study tests the project against current sublease overhang and flight-to-quality dynamics rather than against pre-2020 absorption averages.
How we do it
The market analysis is built from CoStar and county assessor inventory, employment and occupational data from the Bureau of Labor Statistics, physician and provider counts from CMS and state licensing boards for medical office, and rent comparables verified against actual signed leases rather than asking rents. The financial model carries lease-up velocity, tenant improvement and leasing commission loads, rollover exposure, and a stabilized cash flow tested against the program's debt-service-coverage minimum across rate-stress scenarios.
How we can help you
Office projects most often reach us through SBA 504 owner-occupied structures, where the 51 percent owner-occupancy requirement reframes the analysis around the operating business's capacity to carry the real estate, and through conventional construction-to-permanent lending for investor product. Wert-Berater engagements in this category include medical office conversion and physician-equity prospectus work, including a $9,000,000 ambulatory surgery center conversion analysis in the Orlando corridor.
How to engage us
Standard delivery is 10 to 15 business days from complete project data. Rush delivery for deals already in underwriting is accepted case by case for an additional fixed fee, quoted up front and committed in writing. Engagements are typically initiated by the borrower, with lender or CDC confirmation obtained before work begins — institutions differ, so confirm the procedure with your lending contact.