Commercial and operational due diligence for senior housing acquisitions and held assets.
Financial diligence confirms the numbers. Legal diligence confirms the title. Nordon confirms the asset will perform.
$7,500
Cost of a Pre-Acquisition Assessment, External Signals Assessment. Less than 0.02% of a $30M deal. Against a conservative $750K to $1.5M in documented valuation protection.
$2.6M
Documented price reduction at close on a 12-community portfolio.
$980K
Annualized NOI lift from aggregator dependency reduction, 18 months post-close.
The Problem
Your diligence confirms the revenue. Nothing in your deal stack confirms how that revenue is being generated.
Mid-Cap Healthcare REITs
Triple-net conversion requires operator performance data that does not exist in the offering memo. You are pricing NOI risk without the one diligence workstream that measures it.
Healthcare PE Funds
Operator access is scarce, hold periods are compressing, and exit timing depends on performance trajectory you cannot see from financial reporting alone.
Operator-Backed Platforms
Scaling without quality dilution means knowing which markets your operators are winning before you commit the capital. That visibility does not come from the operator.
Regional Aggregators
Institutional buyers have more data, cheaper capital, and deeper bench strength. The one advantage available to you is knowing the local market better than they do. If you do not, you lose.
By the time the financials reveal the problem, the price has already moved.
The Diagnostic Journey
Select a phase to explore the diagnostic
The Deliverable
The Pre-Acquisition Assessment is the anchor diagnostic. Two access tiers, matched to your deal timeline and the level of verification required.
External Signals
No operator cooperation required. Search rankings, review platforms, aggregator listings, advertising transparency, and website analysis. A complete external-signals assessment built from independently verifiable sources.
IC Memo + IC Presentation
5 to 7 business days
Verified Backend
Seller-provided data exports: move-in source reporting, traffic and conversion data, advertising performance records. Cross-verified against the External Signals Assessment findings to confirm or challenge what the offering memo claims.
Full Analytical Report with Methodology Appendix
10 to 14 business days
External Signals Assessment proceeds independently. If the seller declines to cooperate on Verified Backend Assessment, that refusal is itself a documented finding.
The tier structure above applies to the Pre-Acquisition Assessment. Each of the six configurations produces deliverables matched to its phase of the capital lifecycle. View the full diagnostic line
The Outcomes
$750K to $1.5M
Valuation protected per $30M portfolio, conservative estimate.
~4x
Return on the most conservative estimate. External Signals Assessment at $7,500.
5 to 7 days
Built to land before binding commitment. Fits inside an active LOI window.
Why Nordon
We know the data systems, the reporting cadences, and the points where communities are most vulnerable because we have spent twenty years building them, reporting from them, and forecasting against them. When we assess an operator's commercial performance, we are not interpreting from the outside. We know what healthy data looks like and where the cracks form first.
We have operated on the capital side and the operating side. We have also worked at ground level, inside communities, alongside the teams doing the work. That depth means the diagnostic does not stop at surface signals. It assesses whether the operating reality behind the numbers can sustain them.
We have been through every structural shift this sector has produced. The areas of senior living we have been involved in have thrived through them. That is a 100% client return rate over three consecutive years, across market conditions that compressed most of the sector.
Seven scoring dimensions. Every finding traceable to a source your team can verify independently. External Signals Assessment delivered in five to seven business days. Designed to land inside an active LOI window, not after it.
Aggregator dependency: 76% → 41% over 18 months
In Practice
A capital partner had a twelve-community senior housing portfolio under LOI at a $42M asking price. The offering memo showed stabilized occupancy of 88% across the portfolio, which the seller positioned as proof of operational strength. Financial reporting confirmed the occupancy. Nothing in the deal documents addressed how that occupancy was being produced.
The External Signals Assessment flagged structurally elevated aggregator dependency across the portfolio. All twelve communities carried enhanced paid listings on multiple aggregator platforms. Google Business Profile presence was weak or dormant. Organic search rankings were near-invisible for high-intent terms in all twelve markets. No professional referral network was documented in nine of the twelve markets. The external signals pointed to a portfolio where occupancy was being purchased, not earned.
The findings triggered a Verified Backend Assessment. Seller-provided move-in source data confirmed the magnitude: 76% of trailing twelve-month move-ins had originated from paid aggregator referrals, at an effective cost of $4,200 per move-in. Industry aggregator share for stabilized communities sits in the 30 to 45 percent range.
The 88% occupancy was real. The cost of maintaining it was structurally elevated by an estimated $1.1M annually in excess aggregator fees. More material than the cost itself: the portfolio's NOI was exposed to two risks that financial statements would not surface until two to three quarters after the trigger event. First, aggregator pricing increases. Second, aggregator algorithm or relationship changes that could compress lead flow inside a single quarter, with no replacement pipeline to absorb the loss.
The capital partner used the documented finding to restructure the deal. The transaction closed at $39.4M against the original $42M asking, a $2.6M reduction directly attributed to the dependency risk surfaced in the diagnostic. The partner also embedded an aggregator-reduction operating thesis into the post-close 100-day plan, with measurable milestones at six, twelve, and eighteen months.
Aggregator dependency fell from 76% to 41% portfolio-wide, inside the industry benchmark range. Cost-per-move-in dropped from $4,200 to a blended $1,800. NOI lift attributable to acquisition-cost reduction: approximately $980K annualized.
$7,500
Diagnostic cost
$2.6M
Documented price reduction at close
$980K
Annualized NOI lift, 18 months post-close
Engage
Structured. Confidential. Delivered within your timeline.