Searstone Retirement Community
17001 Searstone Drive, Cary, North Carolina 27513 · Community website
- Operator:
- Samaritan Housing Foundation, Inc. (managed by Searstone-RLA, Inc.; dining by Morrison Management Specialists)
- Ownership:
- Nonprofit
- Affiliation:
- Not disclosed in the 2026 filing
- Opened:
- 2013
Georgia nonprofit corporation without members or owners; sole member of its own bond obligated group. Day-to-day operations run under third-party manager Searstone-RLA, Inc. (sole shareholder David Ammons).
- Type A (life care)
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the North Carolina Department of Insurance.PDF
At a glance
Entrance fee, one person, every plan
Monthly fee, independent living
Refund plans offered
- 100% Refundable ContractTerms not disclosed in the 2026 filing
Days cash on hand
Read the note on this figure
The provider says the FY2025 coverage of 2.45x is high because only Phase I debt service is included in the calculation; it projects 1.48x for 2026 (p36). Days cash: unrestricted cash ($2.6M) and short-term investments ($36.3M) = $38.9M (p45, p31); against FY2025 total expenses less depreciation and amortisation ($30.1M, p46) that is about 473 days, below the reported 553, which the document does not show the working for.
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 A (life care): Moving to assisted living or nursing leaves your monthly fee essentially unchanged.
How the contract types compare
Type A (life care)The filing calls it LifeCare; we class contracts by how care is priced (our definitions).
Assisted living, memory care and skilled nursing in Brittany Place cost the same monthly fee as the resident's last independent living unit, plus an $800 a month dining fee per person and ancillaries such as drugs and therapy. For comparison, legacy fee-for-service contracts (no longer offered) pay $280 a day assisted, $292 memory care and $530 skilled nursing. If Brittany Place is full, the contract provides temporary home care or an offsite nursing bed at the provider's expense.p. 21
- Assisted living
- Last independent living monthly service fee (Brittany Place residents also pay an $800 monthly dining fee per person)
- Nursing care
- Last independent living monthly service fee (plus the $800 monthly Brittany Place dining fee per person)
| Independent living | 318 |
|---|---|
| Assisted living | 29 |
| Memory care | 14 |
| Nursing care | 49 |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
100% Refundable Contract (LifeCare) · Type A (life care) (4 prices, $509,000 to $1,224,000)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Independent Living – One Bedroom Unit | 100% Refundable Contract | $509,000 to $765,000p. 22 | $80,000 |
| Independent Living – Two Bedroom Unit | 100% Refundable Contract | $576,000 to $857,500p. 22 | $80,000 |
| Independent Living – Two Bedroom and Den Unit | 100% Refundable Contract | $681,500 to $1,224,000p. 22 | $80,000 |
| Independent Living – Estate Homes | 100% Refundable Contract | $884,000 to $1,036,000p. 22 | $80,000 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
100% Refundable Contract (LifeCare) · Type A (life care) (4 prices, $4,240 to $9,500)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Independent Living – One Bedroom Apartment | Independent living | $4,240 to $5,520p. 20 | $1,910 |
| Independent Living – Two Bedroom Apartment | Independent living | $5,250 to $7,750p. 20 | $1,910 |
| Independent Living – Two Bedroom and Den Apartment | Independent living | $7,045 to $8,420p. 20 | $1,910 |
| Independent Living – Estate Homes | Independent living | $7,630 to $9,500p. 20 | $1,910 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | All units | 4.5% | Percent onlyp. 21 |
| 2024 | Independent living | All units | 4.3% | Percent onlyp. 21 |
| 2023 | Independent living | All units | 4.7% | Percent onlyp. 21 |
| 2022 | Independent living | All units | 4% | Percent onlyp. 21 |
| 2021 | Independent living | All units | 4.3% | Percent onlyp. 21 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
100% Refundable Contractp. 24
Two parts: the Residential Fee is 100% refundable, and the $80,000-per-person LifeCare Fee amortises 2% a month to nothing after 50 months, so the guaranteed floor is the Residential Fee (roughly 84-93% of the total depending on the unit). The refund (less unpaid fees, advances and refurbishing beyond normal wear) is paid within 30 days after a new entrance fee is received for the next like unit, with former residents queued by termination date; there is no deadline.
- Kept on move-in
- 0% of the fee
- 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: Samaritan Housing Foundation, Inc.
- Ratios: Samaritan Housing Foundation, Inc. (provider only).
Days cash on hand
553 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
2.45x 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 figuresThe provider says the FY2025 coverage of 2.45x is high because only Phase I debt service is included in the calculation; it projects 1.48x for 2026 (p36). Days cash: unrestricted cash ($2.6M) and short-term investments ($36.3M) = $38.9M (p45, p31); against FY2025 total expenses less depreciation and amortisation ($30.1M, p46) that is about 473 days, below the reported 553, which the document does not show the working for.
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. 35 | FY2023p. 35 |
|---|---|---|---|
| Days cash on hand | 553 days | 578 days | 199 days |
| Debt service coverage | 2.45x | 1.59x | 1.32x |
| Operating margin | 24.4% | 15.5% | 7.3% |
| Total assets | $312.0 million | Not disclosed | Not disclosed |
| Total liabilities | $415.3 million | Not disclosed | Not disclosed |
| Long-term debt | $180.8 million | Not disclosed | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | $29.3 million | Not disclosed | Not disclosed |
| Refunds owed to residents (refundable fee liability) | $187.2 million | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | −$103.3 million | Not disclosed | Not disclosed |
Auditor: Forvis Mazars, LLP. Opinion: Unmodified (clean) opinionp. 45
Occupancy
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2025-05 Phase II expansion completed: 149 independent living units (Highview North and South, occupied from February and April 2024), 29 assisted living units including 14 memory care, and 24 skilled nursing beds; residents began occupying the new memory care units and nursing beds in May 2025 and the new assisted living units in February 2026.p. 16
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
Searstone Retirement Community in Cary opened in 2013 and has 318 independent living units, 29 assisted living units, 14 memory care units and 49 skilled nursing beds, run by the nonprofit Samaritan Housing Foundation under third-party manager Searstone-RLA. Its one contract offered to new residents is life care: the entrance fee is a fully refundable Residential Fee of $429,000 to $1,144,000 plus an $80,000 LifeCare Fee per person that amortises over 50 months (about $509,000 to $1,224,000 in total for one person), and moving to assisted living or nursing keeps the same monthly fee. The FY2025 balance sheet shows a net deficit of $103.3 million, with $184.9 million of refundable entrance fees carried as liabilities.PDF
Nearest communities in North Carolina
- Glenaire
Cary · 3 miles away
Entrance fee: $87,000 to $1,025,000
- The Templeton of Cary
Cary · 5 miles away
Entrance fee: Not disclosed in the 2026 filing
- Springmoor Life Care Retirement Community
Raleigh · 11 miles away
Entrance fee: $144,500 to $622,800
Sources
- Searstone Retirement Community — 2026 Disclosure StatementNorth Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 120 pages · retrieved 2026-10-15
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