Who We Serve · Developers & Owners
Independent Analysis for Developers & Property Owners
Developers and owners need analysis that capital providers will take seriously. That requires independence: our conclusions are not shaped by the outcome the sponsor prefers.
Scope
What this analysis is for
A sponsor's own projections are necessary but rarely sufficient. Lenders, equity partners and agencies discount analysis prepared by a party who benefits from the financing. Wert-Berater has spent more than two decades preparing independent analysis that capital providers review, and that independence is what makes it useful to the sponsor.
Independent analysis also protects the sponsor. Testing a concept before committing to land, design and entitlement cost is less expensive than discovering a weak market after construction begins.
Analytical framework
From site to disposition
- 01
Site selection
Comparative analysis of candidate sites against the concept's demand drivers.
- 02
Development and expansion
Market and financial feasibility for new and incremental capacity.
- 03
Acquisition
Price and operating analysis for existing assets.
- 04
Repositioning, adaptive reuse and redevelopment
Analysis of new positioning, new uses or higher uses for existing property.
- 05
Stabilization
Lease-up timing, working capital and stabilized NOI.
- 06
Refinance
Takeout sizing and alternatives once performance is established.
- 07
Disposition
Hold-versus-sell and exit evidence for buyers.
Evidence
What capital providers will ask
Each line is tested against independent market and operating evidence, not accepted from the sponsor or seller model.
| Variable | What we test |
|---|---|
| Market support | Is demand documented independently of the sponsor? |
| Cost basis | Are development costs and contingency within observed ranges? |
| Coverage | Does projected NOI carry the proposed debt under stress? |
| Sponsor capacity | Are management and operating assumptions consistent with experience? |
Application
Typical engagements
Pre-acquisition of land
Concept and site feasibility before committing to land.
Financing package
Independent feasibility for lender and investor review.
Underperforming asset
Repositioning, reuse or sale alternatives.
Refinance or sale
Evidence for takeout lenders or buyers.
Work product
What you receive
- Independent feasibility studies
- Site selection analysis
- Repositioning and reuse alternatives
- Refinance and disposition analysis
Scope boundary. Our fee is never contingent on findings, financing or closing. Independence is what gives the analysis value to capital providers.
Analytical continuity
After the Investment: Independent Performance Monitoring
After completion, independent monitoring gives owners a credible, recurring record of performance that supports refinancing, recapitalization and eventual sale.
The analytical relationship does not have to end when the feasibility study is delivered. Wert-Berater can continue monitoring the asset against the original underwriting assumptions, updating market conditions, testing coverage, identifying performance variances and maintaining a recurring analytical record.
-
Individual Asset Monitoring
Most relevant here- Revenue
- Expenses
- NOI
- DSCR
- Occupancy
- Market rents
- Competitive supply
- Value
- Original underwriting assumptions
-
Watchlist Monitoring
- DSCR deterioration
- NOI deterioration
- Occupancy
- Revenue
- Expenses
- Market conditions
- Collateral / value
- Stabilization
- Refinancing risk
-
Construction Monitoring
- Progress
- Budget
- Cost-to-complete
- Schedule
- Change orders
- Draws
- Remaining costs
- Lease-up
- Stabilization
-
Portfolio Monitoring
- Portfolio performance
- Risk
- Concentration
- Market exposure
- Annual review
- Re-underwriting
- Watchlist
- Portfolio-level trends
Related analysis
Continue through the lifecycle
Discuss the analysis before you commit to it.
A briefing is a working conversation about the decision, the evidence available and the scope that would answer it. There is no obligation, and nothing is subscribed.