Bridgewater Retirement Community
302 North Second Street, Bridgewater, Virginia 22812 · Community website
- Operator:
- Bridgewater Village, Inc. (parent: Bridgewater HealthCare, Inc.)
- Ownership:
- Nonprofit
- Affiliation:
- Church of the Brethren (longstanding affiliation, no legal relationship, p11)
- Opened:
- Not disclosed in the 2024 filing
Bridgewater Village, Inc. (independent living provider), Bridgewater Home, Inc. (assisted living/nursing) and the Foundation are Virginia nonstock corporations whose sole member is Bridgewater HealthCare, Inc.; each holds a 501(c)(3) determination (p4, p11). All property is owned by Bridgewater Retirement Community (p11).
- Type C (fee for service)
Figures from the 2024 disclosure statement (fiscal 2023 finances), filed with the Virginia State Corporation Commission, Bureau of Insurance.PDF The finances describe fiscal 2023; this is the newest statement we have for Bridgewater Retirement Community, and a later one may have been filed since.
At a glance
Monthly fee, independent living
Refund plans offered
- Option One: 7-Year Declining RefundTerms not disclosed in the 2024 filing
- Option Two: No-Less-Than 50% RefundTerms not disclosed in the 2024 filing
- Option Three: 100% RefundNever less than 100% of the fee
Days cash on hand
Independent living occupancy
Nursing care, CMS overall rating
What care costs later
How each contract prices assisted living and nursing if you need them. The contract type decides most of what a long stay costs.
- Type C (fee for service): Care is charged at market rates when you need it.
How the contract types compare
Type C (fee for service)
Independent living residents are not entitled to assisted living or nursing care under the agreement, but their applications get priority over non-residents and they pay the prevailing rates. The Village Monthly Service Fee continues during a temporary transfer.p. 13
- Assisted living
- Bridgewater Home's prevailing rates at the time (room and board included; physician, therapy, drugs, supplies and transportation extra); rates not listed in this statement.
- Nursing care
- Bridgewater Home's prevailing rates at the time; not listed in this statement.
- Priority for a bed
- Yes, residents come before outside admissions
| Independent living | 269 |
|---|---|
| Assisted living | 128 |
| Memory care | 33 |
| Nursing care | 127 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Residency Agreement · Type C (fee for service) (24 prices, $75,606 to $1,906,566)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Village Courts | Option One: 7-Year Declining Refund | $75,606 to $159,074p. 55 | Not listed |
| Multiplexes (cottage) | Option One: 7-Year Declining Refund | $108,450 to $173,869p. 55 | Not listed |
| Duplex Cottages | Option One: 7-Year Declining Refund | $123,424 to $250,218p. 55 | Not listed |
| Duplex Cottages with Garage | Option One: 7-Year Declining Refund | $246,673 to $442,277p. 55 | Not listed |
| Single Family Cottage | Option One: 7-Year Declining Refund | $201,771 to $635,522p. 55 | Not listed |
| Hearthstone Manor (apartment) | Option One: 7-Year Declining Refund | $118,394 to $168,472p. 55 | Not listed |
| Maple Terrace (apartment) | Option One: 7-Year Declining Refund | $194,552 to $299,384p. 55 | Not listed |
| Grove (apartment) | Option One: 7-Year Declining Refund | $252,821 to $396,762p. 55 | Not listed |
| Village Courts | Option Two: No-Less-Than 50% Refund | $102,068 to $214,750p. 56 | Not listed |
| Multiplexes (cottage) | Option Two: No-Less-Than 50% Refund | $146,408 to $234,723p. 56 | Not listed |
| Duplex Cottages | Option Two: No-Less-Than 50% Refund | $166,622 to $337,794p. 56 | Not listed |
| Duplex Cottages with Garage | Option Two: No-Less-Than 50% Refund | $333,009 to $597,074p. 56 | Not listed |
| Single Family Cottage | Option Two: No-Less-Than 50% Refund | $272,391 to $857,955p. 56 | Not listed |
| Hearthstone Manor (apartment) | Option Two: No-Less-Than 50% Refund | $159,832 to $227,437p. 56 | Not listed |
| Maple Terrace (apartment) | Option Two: No-Less-Than 50% Refund | $262,645 to $404,168p. 56 | Not listed |
| Grove (apartment) | Option Two: No-Less-Than 50% Refund | $341,308 to $535,629p. 56 | Not listed |
| Village Courts | Option Three: 100% Refund | $226,818 to $477,222p. 57 | Not listed |
| Multiplexes (cottage) | Option Three: 100% Refund | $325,350 to $521,607p. 57 | Not listed |
| Duplex Cottages | Option Three: 100% Refund | $370,272 to $750,654p. 57 | Not listed |
| Duplex Cottages with Garage | Option Three: 100% Refund | $740,019 to $1,326,831p. 57 | Not listed |
| Single Family Cottage | Option Three: 100% Refund | $605,313 to $1,906,566p. 57 | Not listed |
| Hearthstone Manor (apartment) | Option Three: 100% Refund | $355,182 to $505,416p. 57 | Not listed |
| Maple Terrace (apartment) | Option Three: 100% Refund | $583,656 to $898,152p. 57 | Not listed |
| Grove (apartment) | Option Three: 100% Refund | $758,463 to $1,190,286p. 57 | Not listed |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residency Agreement · Type C (fee for service) (8 prices, $1,124 to $3,591)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Village Courts | Independent living | $1,124 to $1,402p. 55 | $189 |
| Multiplexes (cottage) | Independent living | $1,234 to $1,452p. 55 | $189 |
| Duplex Cottages | Independent living | $1,283 to $1,706p. 55 | $189 |
| Duplex Cottages with Garage | Independent living | $1,694 to $2,346p. 55 | $189 |
| Single Family Cottage | Independent living | $1,545 to $2,990p. 55 | $189 |
| Hearthstone Manor (apartment) | Independent living | $1,349 to $1,516p. 55 | $189 |
| Maple Terrace (apartment) | Independent living | $2,917 to $3,266p. 55 | $487 |
| Grove (apartment) | Independent living | $3,111 to $3,591p. 55 | $487 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2023 | Independent living | All units | 6% | Percent onlyp. 17 |
| 2022 | Independent living | All units | 6% | Percent onlyp. 17 |
| 2021 | Independent living | All units | 3.5% | Percent onlyp. 17 |
| 2020 | Independent living | All units | 3% | Percent onlyp. 17 |
| 2019 | Independent living | All units | 3% | Percent onlyp. 17 |
| 2018 | Independent living | All units | 3% | Percent onlyp. 17 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
Option One: 7-Year Declining Refundp. 47
Refund is 80% in the first year, 65% in the second, 50% in the third, then 10 points less each year, reaching nothing after seven years. Paid at the earlier of six months after you vacate or 60 days after a new resident occupies the residence.
- Kept on move-in
- 20% of the fee
- Declines by
- Not disclosed in the 2024 filing
- Never less than
- Not disclosed in the 2024 filing
- Longest wait
- 6 months
- Paid
- When your unit is re-occupied or after 6 months, whichever is first
Option Two: No-Less-Than 50% Refundp. 48
Refund is 80% in the first year, 65% in the second, and 50% from the third year on. Paid at the earlier of six months after you vacate or 60 days after a new resident occupies the residence.
- Kept on move-in
- 20% of the fee
- Declines by
- Not disclosed in the 2024 filing
- Never less than
- Not disclosed in the 2024 filing
- Longest wait
- 6 months
- Paid
- When your unit is re-occupied or after 6 months, whichever is first
Option Three: 100% Refundp. 15
The full entrance fee is refunded whenever the agreement ends, at the earlier of six months after you vacate or 60 days after a new resident occupies the residence.
- Kept on move-in
- 0% of the fee
- Declines by
- Does not decline
- Never less than
- 100% of the fee
- Longest wait
- 6 months
- Paid
- When your unit is re-occupied or after 6 months, whichever is first
Refund calculator
Estimated refund: $226,818 (100% of the fee)
When it is paid: when your unit is re-occupied or after 6 months, whichever is first. This applies the plan terms as recorded from the filing, counting a part month as a whole one. The signed contract governs, and charges you owe or care paid for from the fee can be deducted first.
How entrance-fee refunds work, and why the payment date matters
Finances
Whether the organisation behind the community has the cash and income to keep its promises for decades.
- Bridgewater Retirement Community is part of Bridgewater HealthCare, Inc. and Affiliates (Village, Home, Foundation).
- Balance sheet and ratios: Bridgewater HealthCare, Inc. and Affiliates (consolidated).
- Days cash on hand was calculated by us from the audited statements using the standard formula. The formula
Days cash on hand
316 days FY2023p. 66
- Its lenders’ minimum: Not disclosed in the 2024 filing
- Industry median: 321 days Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Debt service coverage
Not disclosed in the 2024 filing
- Its lenders’ minimum: Not disclosed in the 2024 filing
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
How to read these figures: what each one measures and why a lender’s minimum is a floor, not a target.
Balance sheet and trend
| Fiscal year | FY2023p. 66 | FY2022p. 67 |
|---|---|---|
| Days cash on hand | 316 days | Not disclosed |
| Total assets | $133.6 million | $134.2 million |
| Total liabilities | $80.2 million | $83.4 million |
| Long-term debt | $41.1 million | $44.6 million |
| Entrance fees not yet earned (deferred revenue) | $14.4 million | $13.4 million |
| Refunds owed to residents (refundable fee liability) | $19.5 million | $19.7 million |
| Net position (assets minus liabilities) | $53.5 million | $50.8 million |
Auditor: Gross Mendelsohn. Opinion: Unmodified (clean) opinionp. 66
Occupancy
| Level of care | 2023p. 114 |
|---|---|
| Independent living | 98.95% |
| Assisted living | 92.02% |
| Memory care | Not disclosed |
| Nursing care | 95.9% |
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2023-09 FY2023 audit restated how net assets as of September 30, 2021 and FY2022 investment income were split between donor-restricted and unrestricted (board-designated Nursing Education Fund); total net assets unchanged; opinion not modified.p. 95
Nursing care on campus
From CMS Care Compare, data as of 2026-09-01. These are the federal government’s ratings of the nursing center, not ours.
- Overall
- 4 of 5
- Health inspections
- 3 of 5
- Staffing
- 5 of 5
- Quality measures
- 3 of 5
Fines recorded by CMS: 0. Health citations since 2023-10-16: 10. BRIDGEWATER HOME , INC. on Care Compare
In brief
Bridgewater Retirement Community is a nonprofit campus of about 53 acres in the Town of Bridgewater with 269 independent living cottages and apartments, 128 assisted living and 33 memory support beds, and a 127-bed nursing center. Independent living residents choose a 7-year declining, 50%-minimum or 100% refundable entrance fee and pay prevailing rates, with priority admission, if they need assisted living or nursing. The consolidated organization reported income from operations of $1.5 million for the year ended September 30, 2023.PDF
Nearest communities in Virginia
- Sunnyside
Harrisonburg · 7 miles away
Entrance fee: $68,600 to $809,200
- Park Village (VMRC)
Harrisonburg · 8 miles away
Entrance fee: $122,709 to $1,127,549
- Summit Square
Waynesboro · 22 miles away
Entrance fee: $71,000 to $373,900
Sources
- Bridgewater Retirement Community — 2024 Disclosure StatementVirginia State Corporation Commission, Bureau of Insurance · filed 2024, fiscal 2023 finances · 114 pages · retrieved 2026-10-15
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