Questions capital
allocators ask us.

Nordon is a senior housing due diligence firm. We produce structured, evidence-graded market performance assessments for capital allocators evaluating senior housing assets: before a deal closes, during an active hold, and ahead of an exit.

We sit between private banking and institutional analytics. The work we produce is what a VP of Acquisitions brings into the room where the decision gets made. We are not a consulting firm, a market research shop, or a technology product. We are an advisory firm built around one specific problem: capital deploying into senior housing needs a defensible position on a target asset, built from evidence, not from the seller's information environment.

Senior housing is the asset class: assisted living, independent living, memory care, and continuing care retirement communities. It is the only market we work in. We do not generalize across healthcare, multifamily, or commercial real estate.

Due diligence is the category of work. Specifically, the diligence dimension that standard financial, legal, and physical workstreams do not cover: market-facing operator performance. Where the asset sits in its competitive market, whether that position is defensible, and what the evidence says about whether the investment thesis holds.

Traditional market studies in senior housing are typically commissioned by developers or sellers to support an offering. They are built to satisfy a lender's underwriting requirement or validate a development pro forma. They are not built to help a buyer decide whether to proceed.

Nordon diagnostics are built for the opposite side of the transaction. Our output is not a market study. It is an investment committee-ready assessment of whether a specific asset's market position supports the investment thesis. The format, the methodology, and the intended audience are all different.

A market study tells you what the market looks like. A Nordon diagnostic tells you where this asset sits in that market, whether that position is defensible, and what the evidence says about whether you should proceed.

Due diligence consultants typically work across a broad range of tasks: financial modeling, legal review, operational assessment, site visits. Their output is comprehensive but often general.

Nordon focuses on one specific dimension of due diligence: market position. We do not replace your legal counsel, your financial advisor, or your operational consultant. We answer the question they are not built to answer: where does this asset actually sit in its market, and what does the evidence say about holding that position?

We are not generalists. We are specialists in senior housing market diagnostics, and that specificity is the point.

Nordon was co-founded by Jerry Vinci and Lanie Krugel. Jerry brings decades of operational and advisory experience in senior housing and is a recognized voice in the capital market. Lanie serves as CEO. Johan Krugel serves as CFO. The firm has a global team of analysts, researchers, and specialists embedded in the senior housing space, growing monthly.

Jerry and Lanie co-host the Senior Living Boardroom podcast, a public conversation about the senior housing capital market that reflects the thinking behind the diagnostic methodology.

Nordon is headquartered in the United States with a global team.

No. Nordon has no financial interest in the assets we assess and no affiliation with any operator, developer, broker, or seller in the senior housing market. Our diagnostic engagements are exclusive to the capital side of the transaction.

We do not accept engagements from sellers, operators, or developers seeking to validate their own assets. That would compromise the independence our capital clients rely on. We have declined engagements on this basis and will continue to do so.

A Nordon diagnostic is a structured, evidence-graded market assessment of a specific senior housing asset. It evaluates that asset across seven scoring dimensions, assigns a confidence label to every data point, classifies every finding by severity, and produces a clear recommendation, built for your investment committee.

The diagnostic is not a general market overview. It is an asset-specific position paper: where does this property sit in its competitive market, is that position defensible, and what does the evidence say about whether the investment thesis holds.

You receive the output in two formats: an IC Memo and an IC Presentation. Both are designed to be used directly in your investment process. The memo stays in the deal file, the presentation goes into the committee room.

Nordon structures its diagnostics around six configurations across three phases of the capital lifecycle. Each configuration answers a different question for a different stage:

• Pre-Acquisition Assessment (Config A): You are evaluating a target asset under LOI or entering exclusivity. Is the occupancy defensible? Can the operator sustain it? This is the flagship diagnostic. Two tiers: External Signals (5 to 7 business days, no seller cooperation) and Verified Backend (10 to 14 business days, seller-provided data exports).
• Market Entry Analysis (Config B): You are considering geographic expansion into a new market. Who is winning locally and is there a viable position for a new entrant? External signals only.
• Transition Baseline (Config C): You are closing a deal or changing operators. Captures the community's exact commercial position at the moment of close. 30-day window, then gone permanently. Add-on to Config A.
• Portfolio Health Monitor (Config D): You hold senior housing assets and need ongoing market-facing surveillance. Surfaces leading indicators 6 to 12 months before financial statements move. Quarterly or monthly cadence.
• Asset Performance Diagnostic (Config F): You own a specific asset and have a known performance question on it. Surfaces the cause of underperformance, quantifies NOI risk, estimates time-to-correction, and benchmarks against the asset's submarket. Owner-authorized backend access included by default. 7 to 10 business days.
• Exit Positioning Package (Config E): You are preparing to sell. Documents market performance evidence for the exit buyer before their diligence arrives. Ideally commissioned 12 to 18 months before the planned exit.

If you are unsure which configuration applies to your situation, contact us. We will help you determine the right scope before any engagement begins. Full details for each configuration are on the Diagnostics page.

Three phases of the capital lifecycle. Phase one, Acquisition Journey, covers Pre-Acquisition Assessment, Market Entry Analysis, and Transition Baseline. Phase two, Hold Period, covers Portfolio Health Monitor and Asset Performance Diagnostic. Phase three, Exit Preparation, covers Exit Positioning Package. Each phase reflects a distinct buyer question. Acquisition Journey asks whether the asset will perform under the existing operator. Hold Period asks whether the asset is performing as underwritten and where leading signals show trouble. Exit Preparation asks whether the valuation can be defended to the next buyer.

A single-asset diagnostic for capital owners with a known performance question on a community they already own. Owner-authorized backend access is included by default. The deliverable surfaces the cause of the underperformance, quantifies NOI risk, estimates time-to-correction, and benchmarks against the asset's submarket reference set. It does not prescribe operator actions or recommend tools. The diagnostic answers what is driving the issue. Execution belongs to the operator or to a separate execution advisor.

The Pre-Acquisition Assessment is Nordon's flagship diagnostic. It covers the target asset across seven scored dimensions:

1. Discoverability: Where the community appears in local search and how its digital footprint compares to its closest competitors.
2. Reputation Trajectory: Whether the review profile is improving, stable, or declining across Google, aggregator referral sites, and care-specific review sites.
3. Competitive Position: Who is winning in the local market and why, based on the signals that drive family selection.
4. Lead Source Dependency: How dependent the community is on aggregator-sourced demand versus organic demand.
5. Marketing Infrastructure: Whether the operator owns the digital infrastructure or if it is controlled by a third party.
6. Operator Local Capability: Whether the operator demonstrates local market awareness, community engagement, and responsiveness.
7. Transition Baseline: The community's exact commercial position at the moment of assessment.

Every finding carries a confidence label and a severity tier. The assessment concludes with one of four recommendations: Proceed / Proceed with Conditions / Pause for Further Review / Do Not Proceed.

We work across the senior housing spectrum: assisted living, independent living, memory care, and continuing care retirement communities (CCRCs). We also cover mixed-acuity communities where the asset blends multiple care levels.

We do not cover skilled nursing facilities as a primary focus, though we address SNF components where they are part of a larger senior living community under review. If your target asset has a significant skilled nursing component, speak to us about scope before engaging.

Our primary market is the United States. We cover all major and secondary US senior housing markets. For assets in smaller or rural markets, we flag data availability constraints upfront and adjust confidence labeling accordingly. We do not over-claim in thin data environments.

For international assets or cross-border capital deployment strategies, contact us to discuss. Our global team has capability beyond the US, and we scope international engagements individually.

Yes. For clients evaluating a portfolio or shortlisting multiple assets simultaneously, we offer structured multi-asset engagements. These are scoped individually based on the number of assets, the overlap in market areas, and your timeline requirements.

Multi-asset engagements do not reduce the rigor applied to each individual asset. Every property receives its own full diagnostic. Contact us to discuss how we structure the engagement and timeline for portfolio-level work.

Within limits, yes. The seven scoring dimensions and the confidence and severity systems are core to the Nordon methodology and are not removed or bypassed. However, within each dimension we can weight our analysis to reflect your fund's specific investment thesis. For example, if your underwriting is particularly sensitive to supply pipeline risk or pricing headroom, we can calibrate emphasis accordingly.

We discuss this at the scoping stage of every engagement. Tell us what your committee needs to see, and we will ensure the diagnostic speaks to it.

The External Signals Assessment is built entirely from external, independently observable data. No operator cooperation required. No seller involvement.

The Verified Backend Assessment cross-verifies those external findings against seller-provided data exports: move-in source reporting, traffic and conversion data, advertising performance records. The seller controls what they export. Nordon cross-verifies those exports against what the external signals already showed. Discrepancies are findings. Alignment is confirmation.

Every data point in every diagnostic carries a confidence label (Verified, Observed, Inferred, or Unavailable), so you know exactly what weight to give it. We do not disclose our specific data sources. That is proprietary to our methodology. What we do disclose is the standard we apply to every finding. If we cannot independently validate a data point, we tell you.

Evidence-graded means every claim in the diagnostic is assigned a confidence label that tells you how much evidentiary weight it carries. We do not present uncertain findings with the same authority as verified ones.

There are four confidence labels:

Verified means the data has been confirmed through multiple independent sources and carries high confidence. Observed means it is externally observable but not cross-confirmed. Inferred means it is derived from secondary signals. Unavailable means the data cannot be obtained through external channels. We name the gap, not fill it with assumptions.

This system exists because capital deserves to know the difference between what we know and what we believe.

Every finding in a Nordon diagnostic is classified by severity, specifically how significantly it affects the investment decision:

Critical findings are those that, if confirmed, materially threaten the investment thesis. They require resolution before proceeding, either through negotiation, further validation, or a decision not to proceed.

Material findings affect the value or risk profile of the asset in a meaningful way. They should be weighted in the investment committee discussion and reflected in pricing or structuring.

Moderate findings are worth monitoring but do not alter the recommendation on their own. They belong in the deal file and the post-acquisition monitoring plan.

Watch findings are early signals. Not actionable at the time of the diagnostic, but flagged so they are not missed later.

The severity system gives your committee a triage framework for the findings, not a flat list of observations.

Every Nordon diagnostic concludes with one of four recommendations:

Proceed. The market position evidence supports the investment thesis as presented. The asset's position in its market is defensible, and the evidence does not surface findings that change the risk-return profile materially.

Proceed with Conditions. The market position is defensible, but specific conditions apply. Named risks require monitoring, further negotiation, or structural adjustment. We specify the conditions precisely, not as general caveats, but as actionable items for your deal team.

Pause for Further Review. Specific dimensions require additional validation before a position can be confirmed. We identify exactly what needs to be resolved and what the path to resolution looks like. This is not a soft decline. It is a request for better evidence before a decision is made.

Do Not Proceed. The market position evidence does not support the investment thesis. Specific findings are documented. We explain why the evidence does not support proceeding at the current terms, pricing, or structure.

Every diagnostic is produced against the most current data available at the time of the engagement. Senior housing market data has varying lag times depending on source type. Some signals are near real-time, others carry a 30–90 day lag. Where data currency is a factor, we note it in the confidence labeling.

For time-sensitive transactions, we note any data currency limitations explicitly. If your deal timeline is compressing and you need to know whether the data vintage is sufficient for your committee, ask us at the scoping stage.

We publish a description of our methodology, including the framework, the scoring system, the confidence labels, and the recommendation structure, on the Nordon website. We describe the architecture in enough detail that a sophisticated investor can assess the rigor of the approach.

We do not publish our specific data sources, scoring weights, or analytical models. That is proprietary to the methodology and cannot be made public without undermining the independence that makes it valuable.

If you have specific questions about how we approach a particular dimension or data type before committing to an engagement, contact us directly. We are happy to discuss the methodology in a pre-engagement conversation.

Every Nordon diagnostic includes two standard deliverables:

The IC Memo: a structured written document covering all seven scoring dimensions, the confidence labels and severity classifications for every finding, and the final recommendation. This is the document that lives in the deal file and provides the written basis for your investment decision.

The IC Presentation: a visual slide deck built for your investment committee presentation. It contains the scoring summary, key findings, risk flags, and the recommendation, formatted for a forty-five minute committee discussion. This is what your VP of Acquisitions walks into the room with.

The Verified Backend Assessment produces a third deliverable: the Full Analytical Report with Methodology Appendix, which provides investment-grade depth for deeper diligence or LP documentation.

They serve different purposes at different moments in the investment process:

The IC Memo is the analytical document. It is written for the person who reads carefully before deciding: the analyst, the fund manager, or the principal who needs to understand every finding and its evidentiary basis. It is comprehensive, structured, and referenced. It stays in the deal file.

The IC Presentation is built for the room. Investment committees work in real time, under time pressure, with multiple deals in front of them. The presentation extracts the most decision-relevant findings, displays the scoring visually, and frames the recommendation for a group that needs to make a call in the session. It is derived from the memo, not a separate analysis, but a different format built for a different audience.

Both are included in every standard engagement.

Yes. The IC Presentation is designed to be used directly in your committee process. It is formatted for that purpose. The IC Memo is designed to remain in your deal file as the written basis for the recommendation.

Both deliverables are clearly attributed to Nordon as the source of the market diagnostic. We do not produce white-label work. The committee should know the assessment came from an independent firm, because that independence is part of the value.

If your internal process requires the output to be repackaged into your own format, you are free to incorporate our findings. We can also discuss how to reference the diagnostic in your committee materials in a way that reflects its evidentiary basis accurately.

Deliverables are sent securely to your designated contact. Format details are confirmed at the engagement scoping stage. We do not publish delivery mechanics publicly.

If you have specific format requirements, for example, integration with your firm's deal management system or specific file format requirements, discuss these with us during scoping. We accommodate reasonable format requirements.

Yes. We have a demonstration diagnostic available that illustrates the format, structure, and depth of a standard engagement. It shows the IC Memo structure, the scoring display, and the confidence labeling system. Identifying details are redacted.

The demonstration is available on request. It is a format reference for capital allocators who want to understand what they would receive before committing to an engagement.

Submit a request through the Nordon website or reach out directly to contact@nordonadvisory.com. We ask for three things upfront: your name and firm, a brief description of the asset under consideration, and your preferred contact method.

We review every inquiry personally and respond within two business days. Initial conversations are confidential by default. From there, we move to a brief scoping discussion to confirm the right diagnostic, timeline, and terms for your engagement.

Yes. All inquiries and engagements are treated as confidential from the first contact. We do not disclose the identity of our clients, the assets they are evaluating, or any information shared during the engagement process.

We operate with the same standard of discretion you would expect from a private advisory firm. The nature of the work, helping capital evaluate assets at the pre-acquisition stage, makes confidentiality a fundamental requirement, not a courtesy.

The External Signals Assessment is delivered in 5 to 7 business days. It is designed to land inside an active LOI window, before binding commitment. The Verified Backend Assessment runs 10 to 14 business days from data receipt. Portfolio engagements run in parallel, not in sequence.

Timeline is confirmed at the scoping stage of every engagement. If your deal has a hard deadline, tell us at the start and we will tell you honestly whether we can meet it.

The Pre-Acquisition Assessment starts at $7,500 per community for the External Signals Assessment. The Verified Backend Assessment starts at $15,000 per community. Portfolio volume pricing scales with asset count. At $175K per unit (NIC MAP Q3 2025 median), a 100-unit community is a $17.5M deal. The assessment at $7,500 is 0.04% of deal value.

Market Entry Analysis starts at $15,000 per market. Other configurations are priced at the scoping stage based on engagement scope. Full pricing detail is on the Diagnostics page.

When we scope an engagement, you receive a clear number before any commitment is made. There are no surprise fees.

Both models exist. Most clients engage us on a per-diagnostic basis: one asset, one engagement, one deliverable set. For clients with ongoing deal flow in the senior housing market, we also offer structured ongoing arrangements that provide priority access, consistent turnaround commitments, and coordinated engagement across multiple assets over time.

If you are evaluating multiple assets per quarter or managing an active acquisition programme in senior housing, speak to us about how an ongoing arrangement might work for your team.

We begin from external data. The External Signals Assessment does not require any seller cooperation and can start immediately. We ask for: the asset name and location, basic property information you have available (unit count, care type, general age), and clarity on your deal stage and timeline. That is enough to begin.

If an External Signals finding materially affects your underwriting, the Verified Backend Assessment uses seller-provided data exports to confirm or challenge what the external signals showed. The seller exports move-in source reports, traffic data, and advertising performance records into the data room. Nordon cross-verifies those against the External Signals findings.

If you want to share the offering memorandum or any other materials you have received, we will use them, but we label any findings derived from seller-provided data with the appropriate confidence level.

We are available for a debrief conversation after delivery to walk through findings, answer questions from your team, or discuss how to present specific findings to your committee. This is included in every standard engagement.

We do not manage the deal on your behalf, advise on pricing or structuring, or take any role in the transaction beyond the market diagnostic. Our work is complete when you have a defensible position on the asset's market. What you do with that position is your decision.

No. We do not accept engagements from sellers, operators, or developers seeking to validate their own assets. This is not a policy we make exceptions to.

Our value to capital allocators depends on our independence. An assessment produced for someone with a financial interest in the outcome of that assessment is not independent. We have turned away engagements, and the revenue that comes with them, on this basis. We will continue to do so.

No. Nordon has no equity position, no fee arrangement contingent on transaction completion, and no financial stake in any asset we assess. Our compensation comes entirely from the diagnostic engagement fee agreed at scoping.

We do not receive referral fees, finder's fees, or any form of success-based compensation tied to whether a deal closes. The diagnostic fee is the same whether you proceed or do not proceed, because a recommendation to walk away is as valuable as a recommendation to proceed, and we will not compromise that by having skin in the transaction.

Yes, but with strict confidentiality protections in place. If Nordon has previously assessed an asset for another capital allocator, we do not share that client's engagement, findings, or identity with any subsequent client assessing the same asset.

Every diagnostic is produced fresh for the client who commissioned it, against the data available at that time. A prior assessment of an asset does not create a database that subsequent clients can access. Each engagement is confidential and independent.

Nordon and its operator-side counterpart are two separate brands serving two distinct sides of the senior housing market. The operator-side brand serves operators, the people running senior living communities. Nordon serves capital, the investors deploying capital into senior housing.

The two brands are kept deliberately separate because the interests of operators and investors are not always aligned. Our capital clients need to know that their diagnostics come from a firm that works exclusively for them, not for the operators whose assets they may be evaluating. Nordon's capital-side focus is absolute.

Fourteen diligence workstreams sit between a senior housing LOI and a close. Ten anchor in seller-provided data. Four are partially independent but scoped to questions other than this asset's commercial position. Nordon is the only independent diligence in the stack built to answer what the seller's data cannot answer. That is the structural weakness in how capital underwrites this asset class, and the gap Nordon closes.

A Nordon partner is a specialist in the senior housing capital market whose work is complementary to ours and whose standards meet the bar our clients expect. Partners are not referral networks or lead-sharing arrangements. They are trusted specialists we would refer a Nordon client to without hesitation.

Partnership is offered to advisors, legal counsel, financial specialists, and capital market intermediaries who serve the senior housing investment community at the level of quality and integrity our clients rely on. We partner with a small number of firms. We do not partner widely.

Submit a partnership inquiry through the Nordon website. We ask for your name and firm, your role in the senior housing capital market, and a brief explanation of why you are reaching out.

We vet every partnership inquiry personally. We look at your reputation in the market, your client reviews, and whether your work ethic and standards align with what Nordon clients expect. Partnership applications are reviewed quarterly, and we respond to every inquiry personally.

Note: The formal partnership programme is launching in 2026. If you submit an inquiry now, you will be notified when applications open.

We look for three things without compromise:

Reputation without reservation. You have an established, verifiable reputation in the senior housing capital market. Not promising. Proven. We check reviews, speak to clients, and look at the work.

Integrity as a non-negotiable. You put the investor's interest first, always. There is no ambiguity about whose side you are on. If there is, that is not our kind of partner.

Complementary scope. You serve clients in areas where Nordon does not operate: legal, financial, operational, or capital structuring. We do not partner with firms that do what we do.

Senior Living Boardroom is a podcast about the senior housing capital market, the deals being made, the frameworks being built, and the questions investors are not getting answered anywhere else. It is co-hosted by Lanie Krugel (Co-Founder and CEO) and Jerry Vinci (Co-Founder).

It is not a general senior living show. The focus is the capital side: pre-acquisition analysis, due diligence standards, investment committee preparation, and the evidence base for deployment decisions in senior housing. The kind of conversation that used to happen only in boardrooms. Now in public.

The podcast is an extension of the thinking behind the Nordon methodology, not a marketing tool. The topics covered reflect the real questions capital allocators bring to us in diagnostic engagements: what does the evidence actually say, how do you build a position that holds up in committee, where does the standard due diligence process fall short.

If you want to understand how we think before engaging us, the podcast is the most direct window into that. It is free, it is public, and it is not produced to sell you something.

Senior Living Boardroom is available on Spotify, Apple Podcasts, and all major podcast platforms. Visit the Podcast page on this site for links and the latest episodes.