Specializing in seniors' care

                     and health care industry...

Corporate Profile

Columbia DuBrin Realty Advisors, L.L.C. (CDRA) is a woman-owned business that was the first registered Investment Advisor to specialize in seniors’ housing and health care investment services with a national scope. CDRA provides investment advisory services to institutional investors, financial institutions, REITs, operators, and owners with a concentration on seniors’ housing investment and financing programs. To provide the best service to our clients, we provide services in operational management and asset management (a fiduciary oversight of operations).

Introduction

Our goal is to help our clients, for profit and not for profit, make sound investment decisions. We provide a full range of investment advisory services to our clients involved in the seniors’ housing sector. We believe in helping the client articulate their investment goals, define their strategies, and execute their plans in the most efficient manner possible.

The key to a successful real estate investment is market knowledge. In seniors’ housing, this means appropriate due diligence on the market, the financial feasibility, the specific product for that market and analysis to determine the overall project viability. If we do not operate the asset, we provide the due diligence to verify the quality of the third party seniors’ housing operator. We investigate the operator’s structure, systems, and team to evaluate the quality and appropriateness of the services and products for the specific markets and to ensure that quality care is provided. Whether the community is operated by CDRA or a third party, we seek to provide the best management and care for the seniors in all communities.

CDRA is well positioned to advise on investments in the seniors’ housing market and to develop and operate seniors’ housing assets. Since 1994, CDRA has provided its seniors’ housing advisory services for assets exceeding $1 billion of value. Advisory services offered by CDRA include asset management, acquisition, disposition, feasibility analysis, financing, highest and best use, investment analysis, investment structuring, joint ventures, market analysis, mergers, portfolio review, public offerings, repositioning, research, and workouts.

CDRA provided asset management for a $30 million nursing home and assisted living portfolio in the Pacific Northwest. CDRA managed the development and marketing of one of the properties, a new assisted living community that opened in the spring of 1999. CDRA continues to manage the operations of the property. In addition, CDRA provides asset management for a 180-bed skilled nursing facility in Washington and has recently assumed the management of the facility.

With the current growth of the senior population and the trends in providing the continuum of care, it is an opportune time for investment in the seniors’ housing industry. CDRA can help create the best long-term investment for our clients.

Our Services:

CDRA has focused on eight key areas of the seniors’ housing industry:

  • Market Analysis and Feasibility Analysis, Project based fees or hourly
  • Debt and Equity Financing, Fees based on success of financing and a percentage
  • Investment advising on senior housing assets, Fees based on hourly or project based
  • Overview of Property Management, Fees based on hourly or project based
  • Overview of Project Design, Redesign and Management, fees based on hourly rate our project based
  • Acquisition and Disposition of Assets, Fees based upon value of assets
  • Workouts of Challenged Assets and Companies, Fees based on hourly or success
  • Provide expert witness testimony, Fees Based on an hourly Rates

CDRA performs market analysis and feasibility analysis for clients that may include a survey of competitive supply, analysis of potential product demand, and production of a report that include our findings and recommendations regarding the feasibility of the proposed project. We provide additional value to the project by offering recommendations that enhance the market feasibility of the project, including product repositioning and site locations. Financial feasibility analysis looks at the ability of the proposed project to generate the desired return for the investor given the nature of the product, the anticipated revenues, the financing structure, and desired holding period. As with market feasibility, we provide additional value to the client by analyzing alternative financing structures and revenue assumptions. Market and financial feasibility analysis are often coupled for a more comprehensive product.

CDRA advises clients on financing, including debt and equity, as well as innovative combinations of both. We ensure that the client is aware of alternative vehicles for raising the capital needed to support their business model, including private placements, initial public offerings, secondary offerings, mezzanine debt, bond financing, and sale/leasebacks. We address both advantages and disadvantages of various methods of financing, and will model alternatives for the client to illustrate approaches. We also represent clients with financiers and we employ our considerable relationships with lenders to find the right financing approach to our clients' projects. Many of our clients have us perform feasibility analyses as a precursor to securing financing.

CDRA is a registered investment advisor and as such assists clients in evaluating their seniors’ housing investments. Working with both seniors’ housing operators and with institutional investors, we help our clients identify their investment philosophy, evaluate and select among various investments, and execute the optimal strategy. For operators, this would include identifying, evaluating, and potentially acquiring other companies or a portion of their assets. It would also entail evaluating the overall portfolio of properties and assisting in the divestiture of assets that either were under-performing, could not be economically redeveloped or repositioned, or no longer fit within the client’s investment philosophy. For institutional investors, like pension funds, we advise on investment of funds in the seniors’ housing industry, which includes designing innovative investment vehicles that help achieve the investment goals of the funds. Our services may entail asset management where we acquire and manage portfolios on behalf of those clients. We also perform portfolio review to measure the total value of the holdings, to identify divestiture and acquisition opportunities, to ensure both market and property diversity, and to recommend growth and investment strategies and optimal market position.

CDRA offers review of operational and property management services for independent, congregate, assisted living, and Alzheimer’s care facilities, and works with managers who consult and manage properties to enhance overall value and operations. Our services consist of review of current operational processes to enhance overall financial results, review and help with development of operating and capital budgets, consulting on reviewing management and helping to replace or improve management with third party managers and consultants suited to individual property owners needs .

CDRA offers overview project management (PM) and project development. Our PM services consist of helping with site location, real-estate acquisitions, funding, design consulting, regulatory compliance, contract management, operating budgets, and asset management. Each project varies as to the degree and function CDRA provides.

CDRA advises clients on acquisitions and dispositions of assets including seniors’ housing operators, portfolios, and properties. CDRA works with their clients to determine the investment goals, the best strategy for acquiring assets, and executing the acquisition and related due diligence. In addition, CDRA works with clients to determine the best strategy for disposition of a client’s assets. CDRA will review the goals of the investment, whether an asset has met its target and how best to dispose of the asset if that decision is made.

CDRA works with clients that have challenges with financial or operating performance. CDRA analyzes the status of the investment, company or property to determine what is needed to correct the challenges the client is experiencing. This may include reviewing the operations of the companies or properties, their financial condition, marketing plans and legal structure, and performing systems audits and assessing management systems. Recommendations are reviewed with the client. CDRA can assist in implementing them.

CDRA provides expert witness testimony in senior housing industry and makes recommendations to assist the litigation process. CDRA reviews and analyze the financial conditions, the operations and valuation historical and projected, interviews key management personnel, visits the site, reviews local and national market trend and review competition to provide detailed testimony.


Our Clients:

CDRA has a wide range of current and past clients, including:

  • Institutional Investors
  • Financial Institutions
  • For-Profit and Non-Profit Clients
  • Real Estate Developers
  • Seniors’ housing Developers
  • Seniors’ housing Owners
  • Seniors’ housing Operators
  • Lawyers

Since 1994, CDRA has advised on investments, markets, feasibility, acquisition, disposition, turnarounds, and debt and equity financing for various projects throughout the United States including Washington, Oregon, Idaho, California, Colorado, Texas, Virginia, Florida, Alabama, Arizona and other locations. CDRA has also provided its advisory services for a private foreign company.

CDRA has successfully developed and implemented debt and equity placement programs with various health care REITs for the development, acquisition, and refinancing of seniors’ housing projects. CDRA has also provided advisory services to these health care REITs during the construction and rehabilitation phases of their housing projects.

CDRA has provided advisory services for Wall Street investment firms giving advice on seniors’ housing operators and other health care and real estate investment opportunities and on private equity placements, public equity placements, and mergers with seniors’ housing operating companies and multi-family owners and managers. CDRA has also provided Expert Witness research and testimony for a Public Agency. CDRA has advised public companies on credit facilities, merger candidates, mezzanine financing, and public offerings. CDRA has provided advice on assets financed by pension funds.

Our Experience:

Seniors’ housing is a specialized field within the real estate and investment industries. To meet the unique requirements of this field, CDRA and its principal has experience in the seniors’ housing, real estate, institutional investment industries, and finance and construction. CDRA has a pool of consultants, experts in their field, which it draws upon on an as-needed basis.

Our Code of Ethics:

Because of our fiduciary role, we operate from a strict code of professional ethics. We believe in maintaining the integrity of our staff and our work products. We place a high value on respecting tradition, fostering innovation, and building our reputation for industry excellence. Moreover, we care about our clients and the results. Our products and services must bring measurable benefits to our clients. All work completed under contract is completed under a confidentiality agreement; all client information that is confidential remains confidential. We do not participate in our Clients projects or business unless we invest with our clients. Clients have full discretion on all decisions related to their investments and business.

Finally, we believe in making a contribution both to the industry and to our community. We recognize that the work we do can improve the lives of individuals, whether they are clients, assisted living residents, pension plan participants, or staff providing care to the infirm. It is that reminder of who we ultimately help that keeps us grounded and committed to our work.

Disciplinary Information:

The Company has had no disciplinary actions.



Contact Us:

Columbia DuBrin Realty Advisors, LLC
1521 Second Avenue, ste 605
Seattle, WA 98101

P: (206) 443-1366
F: (206) 443-1125
E: rdubrin@columbiadubrin.com