01 What should I look for in a healthcare real estate developer?
Your developer partner should be able to demonstrate a precise path to healthcare real estate ownership. Beginning with predevelopment deal structuring, progressing to design and construction and through to asset and property management, you should expect the developer to be at the table with you – guiding all stakeholders along the path and sharing the risk and the reward of creating a high-performing facility. Astoria brings more than 20 years’ experience advocating for its clients and doing exactly that.
02 What are my ownership and investment options?
There are many ownership and investment options in healthcare real estate. Astoria and its capital partners can support transactions of any size, all structured to deliver market returns. The firm develops financing and capital solutions to best fit its client’s needs, which range from highly leveraged transactions with loan guarantees to lower-leveraged transactions with no loan guarantees.
03 Does the developer manage the design and construction?
A successful project outcome relies heavily on the competency of the architect and construction professionals. With Astoria as the real estate development entity, the team takes the lead to identify, retain, and manage both the architect and general contractor. This structure allows Astoria to manage all aspects of the process, thereby reducing the likelihood of expensive delays and missteps. Astoria provides industry insight and access to national design and construction partners specializing in healthcare, and depending on the size and geographic location of your project, will secure the most qualified, best-fit options available.
04 What role should the developer play?
The developer should continuously manage your project’s risks and returns, demonstrating transparency throughout the complex and layered development and construction processes. Tasked with managing the predevelopment, financing, design, construction, and property and asset management, your selected developer will direct each element and resolve roadblocks that can impact the project’s schedule, budget, future operational viability, and patient outcomes. With Astoria as your advocate partner, your focus can remain on your business while Astoria wades through the weeds to deliver a concept-to-keys real estate property. It’s what Astoria does best.
05 Should we involve a developer?
The simple answer is yes. A good developer will serve as a partner. An outstanding developer will be your advocate and ally. The team will leverage its knowledge and resources to maximize every square inch of the facility and every dollar invested. From understanding the risk-return profile, to establishing a value-add design, to diligently vetting the legal and compliance requirements, the Astoria team can help make the decision to engage a developer an easy one.
06 Why Astoria?
Astoria team members distinguish themselves by seeking to fully understand the roles their clients play in their organizations and the daily pressures they experience; by immersing themselves in the complex business of healthcare and property ownership; and by seeing around corners to avoid issues that can set back the development and construction processes. Astoria is different from other healthcare real estate developers because its teams work directly with clinicians and bring operational management to the table in addition to property development experience. Operations are vertically integrated into the deal by engaging Astoria’s affiliate company, ValueHealth, which provides partnership and comprehensive operations management, and has been pioneering ambulatory surgical care delivery since 1997. In addition, Astoria’s access to capital and broad resources in the medical economy allow its clients to invest in, build, and achieve overall operational excellence.