Legacy at Mills River
582 Jeffress Rd, Mills River, North Carolina 28759
- Operator:
- Legacy at Mills River Club, Inc. (to be formed); developer and owner Blue Ridge Retirement Partners, LLC; management by Liberty Living Management, LLC (or affiliate)
- Ownership:
- Mixed nonprofit and for-profit
- Affiliation:
- Not disclosed in the 2026 filing
- Opened:
- Not disclosed in the 2026 filing
For-profit developer Blue Ridge Retirement Partners, LLC (managers Grant Investment Group, LLC and LSL Properties of Mills River, LLC; Liberty Management holds 33.33% from January 1, 2026) develops and sells the homes; the contracting provider Legacy at Mills River Club, Inc. and the condominium Owners Association are nonprofits that had not yet been incorporated as of the statement date.
- Equity
- Type B (modified)
- Type A (life care)
This campus is not open yet. The filing describes a community under development, so its fees are the ones the developer anticipates charging, and there is no occupancy or operating history to show.
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the North Carolina Department of Insurance.PDF
In this filing
- FY2025: The auditor's report includes a going-concern paragraph: substantial doubt about the organisation's ability to continue operating.p. 45
- 2026-05: The auditor's report on Blue Ridge Retirement Partners, LLC's FY2025 financial statements (Cherry Bekaert LLP, dated May 15, 2026) includes a paragraph headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern', stating that the company 'has a members' deficit of approximately $9.9 million and is dependent on member contributions to continue to fund the project.' Note 7, to which that paragraph refers, says the company is working with banks to obtain outside financing for the project and that 'no assurance can be given regarding the success of management's efforts to obtain financing on reasonable terms.'p. 43
At a glance
Monthly fee, independent living
Refund plans offered
- Home ownership (resale at market price)Terms not disclosed in the 2026 filing
Days cash on hand
Read the note on this figure
Development-stage developer with no operations: $3,368 of unrestricted cash at year end. The $12.4M on the balance sheet is buyers' purchase deposits held in escrow. The auditor's report includes a paragraph headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern'.
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.
- Equity: You buy your unit.
- Type B (modified): A set number of care days is included, or care is charged at a stated discount.
- Type A (life care): Moving to assisted living or nursing leaves your monthly fee essentially unchanged.
How the contract types compare
Type B (modified)The filing calls it Continuing Care Modified; we class contracts by how care is priced (our definitions).
Members get 15 eligible days a year in the Health Care Facility, up to 30 banked, paying only their Monthly Payment plus two extra meals and supplies. After that they pay the Health Care Rate on top of the Monthly Payment until the home is resold, then the Health Care Rate alone. No discount on the rate is stated.p. 110
- Assisted living
- 15 eligible days a year (up to 30 banked) with no room-and-board fee, then the Health Care Rate in addition to the Monthly Payment until the home is resold; contract Schedule A Initial Health Care Rate: assisted $141.00, private (unit not printed). Section 21 Table 21.1 instead lists $9,400 a month
- Nursing care
- 15 eligible days a year, then the Health Care Rate; contract Schedule A Initial Health Care Rate: skilled $237.00, private (unit not printed). Section 21 Table 21.1 instead lists $14,000 a month
- Care days included
- 15
Type A (life care)The filing calls it Life Care Option; we class contracts by how care is priced (our definitions).
Optional upgrade for a one-time $22,000 single / $33,000 double (non-refundable) and $920 a month: once eligible days are used, the Health Care Rate becomes the member's Monthly Payment plus the Life Care monthly fee rather than the market Health Care Rate.p. 122
- Assisted living
- Monthly Payment plus the $920 Life Care monthly fee, after eligible days
- Nursing care
- Monthly Payment plus the $920 Life Care monthly fee, after eligible days
- Care days included
- 15
| Independent living | 376 |
|---|---|
| Assisted living | Not disclosed in the 2026 filing |
| Memory care | Not disclosed in the 2026 filing |
| Nursing care | Not disclosed in the 2026 filing |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Purchase and Sale Agreement + Membership Agreement · Equity (34 prices, $588,430 to $1,940,885)
| Unit | Sq ft | Refund plan | Price, one person | Second person |
|---|---|---|---|---|
| Manor Building Apartment – Ironwood (anticipated price) | 811 | Home ownership (resale at market price) | $588,430p. 65 | Not listed |
| Manor Building Apartment – Alderleaf (anticipated price) | 1,266 | Home ownership (resale at market price) | $995,678p. 65 | Not listed |
| Manor Building Apartment – Birchpeak (anticipated price) | 1,266 | Home ownership (resale at market price) | $877,250p. 65 | Not listed |
| Manor Building Apartment – Cherrybud (anticipated price) | 1,519 | Home ownership (resale at market price) | $1,357,469p. 65 | Not listed |
| Manor Building Apartment – Timberfine (anticipated price) | 1,325 | Home ownership (resale at market price) | $928,600p. 65 | Not listed |
| Manor Building Apartment – Walnut (anticipated price) | 1,344 | Home ownership (resale at market price) | $1,071,991p. 65 | Not listed |
| Manor Building Apartment – Hickory (anticipated price) | 1,769 | Home ownership (resale at market price) | $1,263,750p. 65 | Not listed |
| Manor Building Apartment – Hawthorne (anticipated price) | 1,586 | Home ownership (resale at market price) | $1,082,916p. 65 | Not listed |
| Manor Building Apartment – Chestnut (anticipated price) | 1,583 | Home ownership (resale at market price) | $1,254,743p. 65 | Not listed |
| Manor Building Apartment – Cypress (anticipated price) | 1,355 | Home ownership (resale at market price) | $1,036,144p. 65 | Not listed |
| Manor Building Apartment – Olivescape (anticipated price) | 1,290 | Home ownership (resale at market price) | $1,189,154p. 65 | Not listed |
| Manor Building Apartment – Willowgreen (anticipated price) | 1,351 | Home ownership (resale at market price) | $1,159,998p. 65 | Not listed |
| Manor Building Apartment – Elmlace (anticipated price) | 1,592 | Home ownership (resale at market price) | $970,250p. 65 | Not listed |
| Manor Building Apartment – HeartPine (anticipated price) | 1,593 | Home ownership (resale at market price) | $1,153,973p. 65 | Not listed |
| Manor Building Apartment – Lacegreen (anticipated price) | 1,657 | Home ownership (resale at market price) | $1,330,213p. 65 | Not listed |
| Manor Building Apartment – Applemoss (anticipated price) | 1,946 | Home ownership (resale at market price) | $1,206,550p. 65 | Not listed |
| Manor Building Apartment – Plumbraid (anticipated price) | 2,195 | Home ownership (resale at market price) | $1,807,630p. 65 | Not listed |
| Manor Building Apartment – Combo 310/312 (anticipated price) | 2,136 | Home ownership (resale at market price) | $1,296,900p. 65 | Not listed |
| Manor Building Apartment – Penthouse V (anticipated price) | 2,433 | Home ownership (resale at market price) | $1,765,000p. 65 | Not listed |
| Manor Building Apartment – Penthouse IV (anticipated price) | 2,370 | Home ownership (resale at market price) | $1,478,950p. 65 | Not listed |
| Manor Building Apartment – Penthouse III (anticipated price) | 2,210 | Home ownership (resale at market price) | $1,307,000p. 65 | Not listed |
| Manor Building Apartment – Penthouse II (anticipated price) | 1,130 | Home ownership (resale at market price) | $1,129,615p. 65 | Not listed |
| Manor Building Apartment – Penthouse I (anticipated price) | 1,270 | Home ownership (resale at market price) | $897,700p. 65 | Not listed |
| Estate/Village Home – Huntington (anticipated price) | 1,275 | Home ownership (resale at market price) | $930,697p. 66 | Not listed |
| Estate/Village Home – Brantwood (anticipated price) | 1,475 | Home ownership (resale at market price) | $1,245,222p. 66 | Not listed |
| Estate/Village Home – Springcot (anticipated price) | 1,690 | Home ownership (resale at market price) | $1,158,000p. 66 | Not listed |
| Estate/Village Home – Roycroft (anticipated price) | 1,645 | Home ownership (resale at market price) | $1,379,449p. 66 | Not listed |
| Estate/Village Home – Penlee (anticipated price) | 1,925 | Home ownership (resale at market price) | $1,323,071p. 66 | Not listed |
| Estate/Village Home – Maytham (anticipated price) | 2,075 | Home ownership (resale at market price) | $1,543,150p. 66 | Not listed |
| Estate/Village Home – Ashbee (anticipated price) | 2,252 | Home ownership (resale at market price) | $1,940,885p. 66 | Not listed |
| Estate/Village Home – Bramhall (anticipated price) | 2,090 | Home ownership (resale at market price) | $1,588,404p. 66 | Not listed |
| Estate/Village Home – Blackwell (anticipated price) | 2,496 | Home ownership (resale at market price) | $1,923,987p. 66 | Not listed |
| Estate/Village Home – Standen (anticipated price) | 2,388 | Home ownership (resale at market price) | $1,600,500p. 66 | Not listed |
| Estate/Village Home – Sledmere (anticipated price) | 1,970 | Home ownership (resale at market price) | $1,482,200p. 66 | Not listed |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Membership Agreement - Continuing Care Modified · Type B (modified) (5 prices, $4,500 to $4,900)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Independent Living – Apartment | Independent living | $4,500p. 22 | $1,200 |
| Independent Living – Cottage | Independent living | $4,900p. 22 | $1,200 |
| Assisted Living / Memory Care | Assisted living | Not disclosedp. 122 | Not listed |
| Assisted Living / Memory Care | Memory care | Not disclosedp. 122 | Not listed |
| Skilled Nursing | Nursing care | Not disclosedp. 122 | Not listed |
Membership Agreement - Life Care Option · Type A (life care) (2 prices, $4,500 to $4,900)
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.
Home ownership (resale at market price)p. 73
Not an entrance fee: the resident owns the home and its resale price is set by the market, to a buyer who qualifies for membership. On each resale a 'Membership Fee' of 10% of the resale purchase price is paid to the developer; the statement does not say whether it comes out of the seller's proceeds. Monthly fees continue until the home is resold.
- Kept on move-in
- Not disclosed in the 2026 filing
- Declines by
- Not disclosed in the 2026 filing
- Never less than
- Not disclosed in the 2026 filing
- Longest wait
- No limit stated
- Paid
- When your unit is re-occupied and the new resident has paid
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.
- Balance sheet: Blue Ridge Retirement Partners, LLC (developer).
- Ratios: Blue Ridge Retirement Partners, LLC.
Days cash on hand
1 days FY2025p. 35
- 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
-1.68x FY2025p. 35
- 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 figuresDevelopment-stage developer with no operations: $3,368 of unrestricted cash at year end. The $12.4M on the balance sheet is buyers' purchase deposits held in escrow. The auditor's report includes a paragraph headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern'.
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. 45 | FY2024p. 2 | FY2023p. 2 |
|---|---|---|---|
| Days cash on hand | 1 days | 17 days | 2 days |
| Debt service coverage | -1.68x | -4.60x | -0.17x |
| Total assets | $24.3 million | Not disclosed | Not disclosed |
| Total liabilities | $34.2 million | Not disclosed | Not disclosed |
| Long-term debt | $700,001 | 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) | −$9.9 million | Not disclosed | Not disclosed |
Auditor: Cherry Bekaert LLP. Opinion: Going-concern doubt raised by the auditorp. 45
Occupancy
Not open yet, so there is no occupancy to report.
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2026-05 The auditor's report on Blue Ridge Retirement Partners, LLC's FY2025 financial statements (Cherry Bekaert LLP, dated May 15, 2026) includes a paragraph headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern', stating that the company 'has a members' deficit of approximately $9.9 million and is dependent on member contributions to continue to fund the project.' Note 7, to which that paragraph refers, says the company is working with banks to obtain outside financing for the project and that 'no assurance can be given regarding the success of management's efforts to obtain financing on reasonable terms.'p. 43
- 2026-01Ownership change Liberty Management acquired a 33.33% membership interest in Blue Ridge Retirement Partners, LLC under an amended operating agreement and was engaged for property management.p. 53
Nursing care on campus
We have not linked this community’s nursing center to a CMS record. Nursing centers certified by Medicare can be looked up on CMS Care Compare.
In brief
Legacy at Mills River is a planned ownership-model continuing care community on about 112 acres in Mills River that had not opened as of the end of 2025: residents buy a condominium home and join a nonprofit Club for services, with up to 376 independent homes and up to 48 health care units planned in phases. Anticipated purchase prices from management's prospective price table run from $588,430 to $1,940,885 per home, with monthly fees from $4,500 for one person and 15 health care days a year included before the Health Care Rate applies; a Life Care Option is available for an extra fee. The developer's auditor included a paragraph in its FY2025 report headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern', citing a members' deficit of approximately $9.9 million and dependence on member contributions to continue to fund the project.PDF
Nearest communities in North Carolina
- Ardenwoods
Arden · 4 miles away
Entrance fee: $271,000 to $484,000
- Carolina Village
Hendersonville · 7 miles away
Entrance fee: $241,900 to $677,400
- Deerfield Episcopal Retirement Community
Asheville · 8 miles away
Entrance fee: $325,485 to $989,573
Sources
- Legacy at Mills River — 2026 Disclosure StatementNorth Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 125 pages · retrieved 2026-10-15
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