HTG CONSULTANTS - Key Persons

Job Titles:

• Founding Member
• Senior Principal
• Professional Member of the American Seniors Housing Association

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

Job Titles:

• Principal
• Professional Member of the American Seniors Housing Association

Mr. Lennon has been engaged in the consulting profession since 1994. He has performed consulting and appraisal assignments involving a variety of healthcare, senior housing and multifamily properties, analyzing business and real estate entities. These assignments have been performed in various markets for the purpose of project development, feasibility and valuation in connection with financing and acquisition. Mr. Lennon is responsible for developing and refining market feasibility models and reports, which are used to analyze the feasibility of existing, proposed and under-performing assets. This analysis includes determination of primary market or service areas, estimating demand for various healthcare entities and developing demand and sensitivity models to analyze market, operational and financial characteristics. Mr. Lennon has conducted feasibility studies in conjunction with bond financing, quasi-government organizations, including HUD, Fannie Mae and Freddie Mac, as well as conventional financing sources. Among the engagements undertaken by Mr. Lennon, more recent assignments have included market and financial feasibility studies evaluating the feasibility of proposed and existing healthcare facilities, senior housing communities and multifamily properties; operational overviews analyzing the managerial expertise of healthcare operators; specialized evaluation reports to ascertain the financial, operational and market position of healthcare assets; portfolio analysis on the holdings of healthcare real estate investment trusts; pre-development market and demand analysis for healthcare developers; and appraisals to estimate market value. Additionally, Mr. Lennon has been involved with feasibility analysis for low-income multifamily projects for seniors. These engagements were conducted in conjunction with local and state housing agencies, and included field research on related assets, development of low-income demand models and reporting on findings. He also directs various research efforts for the company, including project development cost surveys, operational statistics and industry trends. Mr. Lennon has focused on a range of healthcare enterprises since entering the industry, including congregate care, assisted living, Alzheimer's care, skilled nursing facilities, long-term acute care hospitals, health and wellness centers, senior housing and multifamily properties. Employment History Mr. Lennon was formerly employed by a nationally recognized healthcare consulting firm, where he assisted in the development of a market feasibility practice and was involved in numerous valuation assignments. Mr. Lennon is a graduate of the University of Delaware, Newark, Delaware. While at the University of Delaware, he earned a Bachelor of Science degree in Business Administration, with a concentration in Marketing. He has successfully completed various healthcare and senior living seminars and Appraisal Institute courses, and regularly attends national healthcare conventions for the senior living industries. Mr. Lennon is currently taking courses towards Certified General Appraiser status. Mr. Lennon is a professional member of the American Seniors Housing Association (ASHA).

Job Titles:

• Principal
• Professional Member of the American Seniors Housing Association

Mr. Harrison has been engaged in the consulting and valuation profession since 2001. Mr. Harrison has conducted business entity valuations, real property appraisals and financial feasibility studies during his tenure at the HTG Consultants, LLC. These financial consulting engagements have entailed thorough research and multi-tiered financial valuation approaches utilized for a variety of transfers, acquisitions, divestitures, and enhancements of senior housing. These consultations have been performed for a diverse group of clients and interests, including large multi-national commercial lenders, real estate investment trusts (REITs), and large national multi-facility operators. His experience includes the estimation of market, fee simple and investment values covering various healthcare, senior, multi-family and affordable housing enterprises including congregate care centers, assisted living residences, skilled nursing facilities, continuing care retirement communities, senior apartments and affordable housing. Through his experience with HTG Consultants, LLC, Mr. Harrison has also conducted valuation studies of commercial real estate for the U.S. Department of Housing and Urban Development (HUD) in connection with delegated processing under Section 223(f) and 232 programs of the National Housing Act. Mr. Harrison has also developed detailed market assessments and financial projections to analyze the feasibility of existing senior housing and healthcare projects. The market assessments include the definition of a primary market area, detailed service comparison, analysis of demographic characteristics, and the estimation of demand in the defined primary market area. Employment History Prior to joining HTG Consultants, LLC, Mr. Harrison was employed in the project finance and syndicated loans departments at a global investment and market research company. There, he analyzed project finance deals for the United States and was responsible for the day-to-day project finance operations for the Americas. He also provided research on the United States syndicated loans market and municipal market and was responsible for maintaining relationships with prominent investment banks. Mr. Harrison is a graduate of Lafayette College, where he earned a Bachelor of Arts in International Affairs, with a minor in Economics. Mr. Harrison is currently a Certified General Appraiser in multiple states nationwide, and has earned a designation as an MAI (Member of the Appraisal Institute). Mr. Harrison is a professional member of the American Seniors Housing Association (ASHA), as well as a Member of the Appraisal Institute.