Danny Cuellar


Danny Cuellar is a manager in the Real Estate Division at VMG Health and is located in the Dallas office. He has real property appraisal experience associated with the valuation of healthcare related properties.

Cuellar’s valuation experience includes determining Fair Market Value and Fair Market Rent for Stark Law compliance, financing, possible sale or purchase, allocation of purchase price, and internal planning purposes. He has valued numerous medical projects (including medical offices, physical therapy centers, acute care hospitals, and ambulatory surgery centers) throughout the United States. Additionally, Cuellar has assisted with valuations of numerous office, retail, industrial, multi-family, land sites, and special use properties throughout the State of Texas.

Cuellar received a Bachelor of Business Administration from Saint Edward’s University. He is a State Certified General Real Estate Appraiser in Texas and Iowa.

John S. Trabold III has experience in the valuation of commercial, industrial, and investment-grade properties to estimate Market Value and Fair Market Value for ad valorem purposes, allocation of purchase price, financing, Stark compliance, and investment decisions. Industries served include medical, banking, hospitality, manufacturing, and financial services.

Trabold has extensive experience in the valuation of complex healthcare properties including hospitals, medical office buildings, surgery centers, imaging centers, and long-term acute care hospitals.

Trabold has served clients in 40 of the United States and Puerto Rico. Clients include Glacier Hospital, Capella Healthcare, Wise County Regional Health System, Texoma Medical Center, Reliant Hospital Partners, HCA, Saint Peter’s Healthcare System, Henry Ford Health System, Cirrus Health, Saint Joseph Healthcare, University General Hospital, MultiCare Health System, Baylor Health Care System, HMA, LifeCare Hospitals, USPI, CHRISTUS Spohn Health System, CHS, Kutak Rock, LLP, HealthSouth, Emerus, BayCare Health System, Shore Medical Center, Butler, Snow, O’Mara, Stevens & Cannada, PLLC, 21st Century Oncology, Citrus County Hospital, Jones Day and Hunton & Williams, LLP.

Frank A. Fehribach is a Director in the Real Estate division at VMG Health and is located in the Dallas office. He has substantial experience in valuing healthcare-related properties including acute care, surgical, behavioral and rehab hospitals, surgery centers, imaging centers, cancer centers, medical office buildings, and other real-estate related facilities.

Fehribach’s experience includes valuations in the context of Stark compliance, fair value analysis (ASC 805, ASC 360) for financial reporting, fair market value analysis for sale/leaseback transactions, fairness opinions, rental rate analyses, collateral valuations for financing transactions, and valuations for insurance purposes. His clients include for-profit and not-for-profit health systems, real estate investment trusts (REIT), other publicly owned and privately held healthcare entities and various law firms.

In addition to healthcare valuations, Fehribach has performed valuations for various types of businesses including high-tech manufacturing entities during his 30+ year career. Fehribach has provided opinions of value under various premises including for exchange in the open market, for forced liquidation, in use assuming economic viability of the associated business entity and as a going concern. Fehribach has served on foreign assignments including activities in Mexico, Canada, Europe, Middle East, Asia, and South America.

Fehribach is a State Certified General Real Estate Appraiser in the following states: Arizona, Arkansas, California, Colorado, Georgia, Illinois, Iowa, Kentucky, Michigan, New York, Pennsylvania, Washington, Minnesota, and Texas.

Grace McWatters is a manager in VMG Health’s Real Estate Services division. McWatters has real property valuation and consulting experience throughout the continental United States, including extensive experience valuing healthcare related properties. McWatters has provided fair market value and fair market rent analyses for hospitals, physician groups, for-profit and non-profit health systems as well as corporate and governmental clients. She has helped clients identify and mitigate regulatory risk in healthcare real estate decisions, highlighting best practices for transactional and operational compliance.

McWatters has also provided appraisals and valuation-related consulting services to REITS, lenders, and private equity firms to assist with risk management and due diligence, as well as pre-LOI negotiations regarding leasing, potential sales, and new developments.

Types of medically oriented properties analyzed include medical office buildings, acute-care hospitals, surgical hospitals, proton therapy centers, biomedical facilities, skilled nursing facilities, CCRCs, LTACHs, memory care facilities, behavioral health and rehabilitation facilities, urgent care centers, free-standing emergency departments, ambulatory surgery centers, diagnostic imaging centers and cancer/oncology centers. McWatters’ valuation experience also includes non-healthcare properties such as office buildings, sports facilities, pharmacies, schools, religious properties, laundromats, parking garages, corporate headquarters, ground-leased sites, vacant land, and a variety of other commercial and specialty assets.

Grant Rybak specializes in providing Real Estate Appraisal Services for healthcare-related properties throughout the United States. His valuation experience includes estimating market value, fair market value, disposition value, insurable value and going concern value of both medical and non-medical properties. Services performed include analysis and preparation of reports pertaining to internal planning, Stark compliance, financial and tax reporting (purchase price allocation), ad valorem property taxes, fairness opinion, and financing.

Rybak specializes in the valuation of complex healthcare properties such as acute-care hospitals, long-term acute-care hospitals, specialty hospitals, critical access hospitals, inpatient rehabilitation hospitals, diagnostic imaging facilities, ambulatory surgery centers, cancer treatment centers, hospice and palliative care centers, elder-care facilities, urgent care facilities, sleep labs, and numerous other healthcare-related property types. He also has extensive experience in the analysis of timeshare arrangements.

Prior to joining VMG Health, Rybak served a wide range of clients and provided appraisal services in connection with various commercial property types. Typical properties have included triple-net lease facilities, vacant land, strip and neighborhood shopping centers, garden-style and major office projects, light and heavy industrial facilities, cold-storage facilities, apartment projects, subdivisions, mixed-use developments, religious buildings, and municipal facilities.

In 2006, Rybak graduated from Texas A&M University with a Bachelor of Science in Agricultural Economics. He is a Texas State Certified General Real Estate Appraiser and has an MAI designation from the Appraisal Institute. Additional General Real Estate Appraiser State Certifications include Kansas, Missouri, New Hampshire, Oregon, and Virginia.

Kristin M. Herrmann, MAI specializes in providing Real Estate Appraisal Services for healthcare-related properties throughout the United States.  Ms. Herrmann’s valuation experience includes estimating Fair Market Value and Fair Market Rent for Stark Law compliance, financing, acquisitions, and internal planning purposes for both medical and non-medical properties as well as valuation-related consulting services. Ms. Herrmann has experience with the valuation of healthcare properties such as medical office properties, hospitals, emergency rooms, urgent care facilities, ambulatory surgery centers, and diagnostic imaging facilities.

Prior to joining VMG Health, Ms. Herrmann was an appraiser at Newmark Knight Frank in Denver (formerly Integra Realty Resources), where she served a wide range of clients and provided Appraisal Services in connection with various commercial property types, including medical office buildings and other healthcare-related assets.  In addition to her experience as a commercial appraiser, she also has experience in the following sectors of the financial industry: reverse-engineering cashflow models and providing third-party portfolio pricing for commercial mortgage-backed securities, conducting compliance audits as a contractor for the FDIC at banks engaged in Loss Share Agreements, performing loan file audits of commercial loan portfolios, and self-constructing a robust discounted cashflow model (which was audited and validated by a Big 4 accounting firm) for the valuation of commercial mortgage portfolios for acquisitions.

Ms. Herrmann graduated from SUNY Binghamton in 2004 with a Bachelor of Science in Management (Finance).  Ms. Herrmann is a certified general real estate appraiser within the State of North Carolina (among others) and is a Member of the Appraisal Institute (MAI).

Sector Experience

Ambulatory Surgery Centers

Areas of Expertise

Real Estate
Fair Market Value Opinions