Prepared for lenders, CDCs, and federal agencies to SBA SOP 50 10 8, USDA RD Instruction 5001, and conventional underwriting standards. Fiduciary duty runs to the lender and the agency, never the borrower. More than 4,000 studies since 1998 covering $40.2 billion in evaluated project value.
Continuing care retirement communities and independent living are real-estate-forward senior housing: residents arrive by choice rather than need, which makes demand discretionary, marketing-driven, and sensitive to housing-market liquidity — the entry fee or rent is funded by a home sale more often than not. The study applies income-and-asset-qualified demand analysis, models the entry-fee or rental structure's actuarial and refund mechanics where applicable, and tests fill velocity against the segment's documented pace, since independent living fills slower than need-driven care and the carry must be funded.
Qualified-household demand with housing-equity analysis for entry-fee models, competitive positioning across the local continuum, fill-curve modeling at documented absorption, actuarial review of continuing-care obligations where the contract creates them, and refund-liability treatment stated explicitly in the financial model.
Every Wert-Berater financial model is fully linked with no hardcoded values, so any reviewer can stress any input. Deliverables comprise a complete narrative report and the linked Excel model, with ten-year pro forma, sensitivity analysis at ±5, 10, and 15 percent, interest-rate stress from +0.5 to +3.0 percent, and ratio analysis benchmarked against RMA and IBISWorld data.
SBA engagements are prepared to SOP 50 10 8, including its debt-service-coverage minimums of 1.15x operating and 1.00x global. USDA engagements follow RD Staff Instruction 5001 across the Business & Industry, Community Facilities, REAP, and Value-Added Producer Grant programs. Conventional engagements are built to the lender's stated coverage standard, typically 1.20x. Entry-fee CCRCs are specialized credits typically routed through bond and conventional structures; rental independent living fits conventional and, at smaller scale, SBA frameworks.
The firm's senior-housing and condominium sell-out practices converge here — demand qualification from one, absorption-and-carry discipline from the other. Independence is non-negotiable: determinations follow the evidence and are not revised under pressure, and studies are built to pass lender, agency, and third-party review without exception items.
Qualify a project. Tell us about the project and the program. We will tell you the truth about it — scope, timeline, and fee confirmed before work begins.
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