David S. Passero, MAI, Senior Principal

Mr. Passero has been engaged in the valuation and consulting profession since 1991. He has valued a wide range of tangible and intangible healthcare and senior housing assets in connection with financing, litigation support, acquisition/divestiture and fair rental settings as well as for tax appeal, IRS market-value determination and depreciation for accounting purposes.

His experience includes the estimation of fair market, investment, leasehold and leased fee values for various senior housing and healthcare enterprises including: skilled nursing facilities, sub-acute nursing facilities, assisted living residences, congregate care centers, continuing care retirement communities, senior apartments, multi-family and affordable housing, long term acute care facilities, life care communities, rehabilitation centers, acute care hospitals, surgical centers, behavioral care and substance abuse facilities, HMOs, home healthcare companies and physician practices.

Mr. Passero has provided pre-acquisition/pre-development consultation for internal decision making for several publicly traded healthcare companies. In addition, Mr. Passero has valued healthcare facilities in over 35 states. Mr. Passero provides consulting services to various lenders, providers, investors and legal counsel. Given his knowledge and extensive experience with the Medicare and Medicaid reimbursement programs, he provides assistance to commercial banks, REMICs, REITs and investment banks with underwriting of healthcare and senior housing assets.

Additional experience includes appraisal and consulting services for transactions under the FHA 232 and 223(f) programs. In this regard, Mr. Passero has conducted appraisals for new construction and substantial rehabilitation loans processed through the HUD offices in Baltimore, Boston, Chicago, Denver, Hartford, Jacksonville, Kansas City, Los Angeles, Newark, New York, Philadelphia, Richmond and San Francisco. Mr. Passero has also developed work-out and turn-around studies for financially distressed healthcare operations, sensitivity models to analyze various operating scenarios as well as market studies for development and retrofit projects. Several major financial service and banking organizations, including Freddie Mac and Fannie Mae, have engaged him to develop lending, origination and underwriting criteria.

Employment History

Mr. Passero is a founding member of HTG Consultants. Prior to that, he worked with a nationally recognized valuation and consulting firm for seven years, managing a regional office for several years. Mr. Passero was responsible for project management, oversight and supervision of a diverse array of assignments. Formerly he was with a national trust firm where he held the position of Senior Researcher.

Educational Background

Mr. Passero is a graduate of the University of Delaware, Newark, Delaware, with a Bachelor of Science degree in Economics and a minor in business finance and management information systems. He attends several national and state healthcare conventions for the senior living, acute care and rehabilitation industries. Mr. Passero is currently a Certified General Appraiser in multiple states nationwide, and has earned a designation as an MAI (Member of the Appraisal Institute).

Professional Societies

Mr. Passero is a professional member of the American Seniors Housing Association (ASHA), as well as a Member of the Appraisal Institute.