Hayes Barton Place
2600 Yettington Dr, Raleigh, North Carolina 27608 · Community website
- Operator:
- HBP Oberlin Senior Housing OPCO KP6, L.P., managed by Raleigh CCRC Management, LLC / Liberty Living Management, LLC (Liberty Senior Living)
- Ownership:
- For-profit
- Affiliation:
- Not disclosed in the 2026 filing
- Opened:
- 2024
Delaware for-profit limited partnerships: an operating company leases the buildings from affiliated property companies (KP6 Property Company, Garden Flats Property Company; townhomes owned by LW Budleigh, LLC). Cottages are sold fee simple through HBP Cottages, LLC under a condominium regime. Effective December 30, 2025, a $266M membership interest purchase left Liberty Healthcare as 51% owner of the assigned property and operating companies (audit Note 11).
- Type B (modified)
- Equity
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the North Carolina Department of Insurance.PDF
In this filing
- 2025-12-29: Held no operating reserve in cash: the statutory reserve requirement was met with an irrevocable standby letter of credit, $8,471,000 at December 29, 2025, while unrestricted cash of $8.19M was $2.72M below the $10.91M required reserve.p. 49
At a glance
Entrance fee, one person, every plan
Monthly fee, independent living
Refund plans offered
Days cash on hand
Read the note on this figure
First year of operation. DSCR 0.93x is below 1.0. The document also reports a 41.85% net operating margin, which conflicts with its own 103% operating ratio and the audited $6.76M net loss on $22.97M revenue, so no margin is shown. The whole $154.7M construction loan was a current liability due December 14, 2026; it was restated on December 30, 2025 to $195.44M maturing December 31, 2028. Unrestricted cash ($8.19M) was $2.72M below the $10.91M statutory operating reserve; the reserve is covered by a standby letter of credit ($8.47M at year end per the audit), not cash.
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 B (modified): A set number of care days is included, or care is charged at a stated discount.
- Equity: You buy your unit.
How the contract types compare
Type B (modified)
A 10% discount on Healthcare Center fees for the first 30 days of care each calendar year (unused days do not carry over); after that, the full published rate. Residents get priority for the 22 public beds once the 72 resident-only beds are full.p. 129
- Assisted living
- Published Healthcare Center per diem, 10% off for the first 30 days each calendar year (Table 21.1 lists assisted living at $9,054 a month).
- Nursing care
- Published per diem, 10% off for the first 30 days each calendar year (Table 21.1 lists skilled nursing at $16,729 a month).
- Discount on care
- 10%
- Priority for a bed
- Yes, residents come before outside admissions
| Independent living | 169 |
|---|---|
| Assisted living | 54 |
| Memory care | Not disclosed in the 2026 filing |
| Nursing care | 31 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
The 2026 filing lists no entrance-fee schedule. What it says about the contracts:
No entrance fee. Rental Residences (169 apartments, 9 townhomes, 24 Garden Flats due Q3 2026) are on 13-month Residency and Services Agreements with a one-time non-refundable community fee (the audit describes it as equal to one monthly service fee; the projection assumptions say two months'). The 13 Cottage Units are sold: the buyer takes fee simple title under a condominium regime and pays a non-refundable Membership Fee of 10% of the purchase price (capped at 20%); no cottage prices are printed. Both agreements give a 10% discount on the first 30 Healthcare Center days each calendar year, otherwise the published per diem, so the care terms map to Type B.PDF
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residency and Services Agreement (Rental Residences) · Type B (modified) (3 prices, $9,054 to $16,729)
Fee increases, year by year
No year-by-year increase history was recorded from the 2026 filing.
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
The 2026 filing does not set out refund plan terms.
Finances
Whether the organisation behind the community has the cash and income to keep its promises for decades.
- Balance sheet: Hayes Barton Place (combined: OPCO KP6, PROPCO KP6, Garden Flats PROPCO).
- Ratios: Hayes Barton Place (provider only).
Days cash on hand
126 days FY2025p. 33
- Its lenders’ minimum: Not disclosed in the 2026 filing
- Industry median: 321 days Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Debt service coverage
0.93x FY2025p. 33
- Its lenders’ minimum: Not disclosed in the 2026 filing
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Read with these figuresFirst year of operation. DSCR 0.93x is below 1.0. The document also reports a 41.85% net operating margin, which conflicts with its own 103% operating ratio and the audited $6.76M net loss on $22.97M revenue, so no margin is shown. The whole $154.7M construction loan was a current liability due December 14, 2026; it was restated on December 30, 2025 to $195.44M maturing December 31, 2028. Unrestricted cash ($8.19M) was $2.72M below the $10.91M statutory operating reserve; the reserve is covered by a standby letter of credit ($8.47M at year end per the audit), not cash.
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 | FY2025p. 42 | FY2024p. 33 | FY2023p. 33 |
|---|---|---|---|
| Days cash on hand | 126 days | 246 days | 469 days |
| Debt service coverage | 0.93x | -1.04x | -0.47x |
| Total assets | $209.4 million | Not disclosed | Not disclosed |
| Total liabilities | $158.2 million | Not disclosed | Not disclosed |
| Long-term debt | $154.3 million | Not disclosed | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | Not disclosed | Not disclosed | Not disclosed |
| Refunds owed to residents (refundable fee liability) | Not disclosed | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | $51.2 million | Not disclosed | Not disclosed |
Auditor: Cherry Bekaert LLP. Opinion: Unmodified (clean) opinionp. 42
Occupancy
| Level of care | 2025p. 17 |
|---|---|
| Independent living | 78.4% |
| Assisted living | 36.3% |
| Memory care | Not disclosed |
| Nursing care | Not disclosed |
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2025-12-30Ownership change A $266 million membership interest purchase closed; Liberty Healthcare and affiliates acquired the membership interests, and Liberty Healthcare is 51% owner of the assigned property and operating companies.p. 53
- 2025-12-30 Construction loan (balance $154.7M, due December 14, 2026) amended and restated to $195.44M at SOFR + 2.30%, interest-only through 2026, maturing December 31, 2028.p. 53
- 2025-12-29 Held no operating reserve in cash: the statutory reserve requirement was met with an irrevocable standby letter of credit, $8,471,000 at December 29, 2025, while unrestricted cash of $8.19M was $2.72M below the $10.91M required reserve.p. 49
- 2024-10-21 NC Department of Insurance issued the permanent CCRC license.p. 9
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
- No rating
- Health inspections
- No rating
- Staffing
- No rating
- Quality measures
- No rating
Fines recorded by CMS: 0. Health citations since 2023-10-16: 0. Bloomsbury at Hayes Barton Place on Care Compare
In brief
Hayes Barton Place is a for-profit continuing care retirement community in Raleigh that began operations in 2025, with 169 independent living rental apartments, 54 assisted living and memory care apartments and 31 nursing beds, plus 13 cottages sold to residents. There is no entrance fee for rentals: independent living is $10,038 a month plus a one-time community fee, and residents get 10% off the first 30 days of care each year. Its first year ended with a $6.76 million net loss and debt service coverage of 0.93x, and its statutory reserve is covered by a letter of credit rather than cash.PDF
Also in Raleigh
- Springmoor Life Care Retirement Community
Raleigh
Entrance fee: $144,500 to $622,800
- The Cardinal at North Hills
Raleigh
Entrance fee: None: rental
- The Cypress of Raleigh
Raleigh
Entrance fee: Purchase + membership fee
Sources
- Hayes Barton Place — 2026 Disclosure Statement (Revision 1)North Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 148 pages · retrieved 2026-10-15
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