The Cardinal at North Hills
4030 The Cardinal at North Hills Street, Raleigh, North Carolina 27609 · Community website
- Operator:
- The Cardinal at North Hills, LLC (managed by Kisco Senior Living, LLC; health center run by The Cardinal at North Hills Healthcare, LLC)
- Ownership:
- For-profit
- Affiliation:
- Not disclosed in the 2026 filing
- Opened:
- 2017
For-profit LLC wholly owned by KSL Toledo Tenant, LLC, which also owns the campus and leases it to the operator and to the health center affiliate (leases through April 2036). Kisco Senior Living, LLC provides management.
- Rental
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
Days cash on hand
Read the note on this figure
The 11 days covers The Cardinal at North Hills, LLC and its health center LLC only ($772,582 of cash), not the East Tower included in the combined balance sheet (combined: $1.31M cash, about 9 days). There is no debt, but both LLCs lease the campus from the affiliated landlord KSL Toledo Tenant, LLC (rent $9.6M in FY2025; lease liabilities $78.4M). The statutory operating reserve is met with a $6.9M bank letter of credit, 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.
- Rental: No entrance fee and no promise of future care.
How the contract types compare
Rental
No care days or discounts: residents who need assisted living, memory care or nursing sign a separate agreement with The Cardinal at North Hills Healthcare, LLC and pay its published rates in addition to (or instead of) the apartment fee. Independent living residents get priority admission to the Health Center.p. 122
- Assisted living
- Separate Health Center agreement at published rates: assisted living $7,750-$9,890 a month plus level-of-care fees of $1,775-$4,800 (more over 380 points); memory care $8,465 plus $4,685-$5,630 (as of 1/1/26).
- Nursing care
- Separate Health Center agreement at $575 a day (as of 1/1/26). During a temporary stay the apartment Monthly Fee also continues.
- Priority for a bed
- Yes, residents come before outside admissions
| Independent living | 165 |
|---|---|
| Assisted living | 55 |
| Memory care | 18 |
| Nursing care | 15 |
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:
Rental CCRC: a 12-month Residency Agreement with a one-time non-refundable $50,000 Community Fee and a monthly fee; no entrance fee. Assisted living, memory care and nursing are under separate Health Center agreements at published rates, with priority admission for residents. One-time community fee: $50,000 (p. 21), non-refundable after the 30-day cancellation period (p. 22) — not an entrance fee.PDF
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residency Agreement (rental) · Rental (17 prices, $7,405 to $13,240)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Plan A The Salisbury – 1 Bedroom/1 Bath (~800 sq ft) | Independent living | $7,405p. 19 | $1,105 |
| Plan A+ The Salisbury Plus – 1 Bedroom/1 Bath/Den (~1,005 sq ft) | Independent living | $7,935p. 19 | $1,105 |
| Plan B The Glenwood – 1 Bedroom/1 Bath/Den (~950 sq ft) | Independent living | $8,260p. 19 | $1,105 |
| Plan C The Dawson – 1 Bedroom/1.5 Bath/Den (~1,110 sq ft) | Independent living | $8,610p. 19 | $1,105 |
| Plan D The Cameron – 1 Bedroom/1.5 Bath/Den (~1,220 sq ft) | Independent living | $9,210p. 19 | $1,105 |
| Plan E The Morgan – 2 Bedroom/2 Bath (~1,200 sq ft) | Independent living | $9,485p. 19 | $1,105 |
| Plan E+ The Morgan Plus – 2 Bedroom/2 Bath/Den (~1,525 sq ft) | Independent living | $10,330p. 19 | $1,105 |
| Plan F The Marlowe – 2 Bedroom/2 Bath (~1,265 sq ft) | Independent living | $9,700p. 19 | $1,105 |
| Plan F+ The Marlowe Plus – 2 Bedroom/2 Bath (~1,330 sq ft) | Independent living | $9,875p. 19 | $1,105 |
| Plan J The Hillsborough – 2 Bedroom/2 Bath (~1,375 sq ft) | Independent living | $10,005p. 19 | $1,105 |
| Plan G The Oxford – 2 Bedroom/2 Bath/Den (~1,555 sq ft) | Independent living | $10,790p. 19 | $1,105 |
| Plan K The Granville – 2 Bedroom/2 Bath/Den (~1,610 sq ft) | Independent living | $11,580p. 19 | $1,105 |
| Plan H The Churchill – 2 Bedroom/2 Bath/Den (~1,720 sq ft) | Independent living | $11,810p. 19 | $1,105 |
| Plan I The Edenton – 3 Bedroom/3 Bath (~2,080 sq ft) | Independent living | $13,240p. 19 | $1,105 |
| Assisted Living – Studio (335 sq ft) | Assisted living | $7,750 to $8,120p. 19 | $1,300 |
| Assisted Living – 1 Bedroom (570-731 sq ft) | Assisted living | $8,515 to $9,890p. 19 | $1,300 |
| Memory Care – Studio (330-354 sq ft) | Memory care | $8,465p. 19 | $1,300 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | All units | 6.9% | Percent onlyp. 21 |
| 2024 | Independent living | All units | 5.3% | Percent onlyp. 21 |
| 2023 | Independent living | All units | 6.8% | Percent onlyp. 21 |
| 2022 | Independent living | All units | 2% | Percent onlyp. 21 |
| 2021 | Independent living | All units | 7.2% | Percent onlyp. 21 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
No entrance-fee refund plan: residents rent.
Finances
Whether the organisation behind the community has the cash and income to keep its promises for decades.
- The Cardinal at North Hills is part of The Cardinal at North Hills, LLC and Affiliates (audited together with Tower at the Cardinal, LLC, operator of the adjacent East Tower at Cardinal North Hills).
- Balance sheet: Combined balance sheet of The Cardinal at North Hills, LLC and Affiliates, which also includes the separately licensed East Tower at Cardinal North Hills (Tower at the Cardinal, LLC) and The Cardinal at North Hills Healthcare, LLC.
- Ratios: The Cardinal at North Hills, LLC and The Cardinal at North Hills Healthcare, LLC (excludes the East Tower; FS-1 does not name the entities, but the 11 days and 5.96% margin reproduce only from these two columns).
Days cash on hand
11 days FY2025p. 2
- 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
Not disclosed in the 2026 filing
- 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 11 days covers The Cardinal at North Hills, LLC and its health center LLC only ($772,582 of cash), not the East Tower included in the combined balance sheet (combined: $1.31M cash, about 9 days). There is no debt, but both LLCs lease the campus from the affiliated landlord KSL Toledo Tenant, LLC (rent $9.6M in FY2025; lease liabilities $78.4M). The statutory operating reserve is met with a $6.9M bank letter of credit, 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. 39 | FY2024p. 2 | FY2023p. 2 |
|---|---|---|---|
| Days cash on hand | 11 days | 14 days | 6 days |
| Operating margin | 5.96% | 1.32% | 1.44% |
| Total assets | $84.3 million | Not disclosed | Not disclosed |
| Total liabilities | $81.0 million | Not disclosed | Not disclosed |
| Long-term debt | $0 | 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) | $3.3 million | Not disclosed | Not disclosed |
Auditor: Withum Smith+Brown, PC. Opinion: Unmodified (clean) opinionp. 39
Occupancy
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
- 3 of 5
- Health inspections
- 4 of 5
- Staffing
- No rating
- Quality measures
- 1 of 5
Fines recorded by CMS: 1 totalling $7,901. Health citations since 2023-10-16: 2. The Cardinal at North Hills on Care Compare
In brief
The Cardinal at North Hills is a for-profit rental continuing care retirement community in Raleigh's North Hills with 165 independent living residences, 55 assisted living units (including 18 for memory care) and 15 nursing beds, connected to the separately licensed East Tower. Residents pay a one-time non-refundable $50,000 community fee and monthly fees averaging $7,405 to $13,240 for one person, and pay the health center's published rates for any care. The provider has no debt but leases the campus from an affiliate; it reported 11 days cash on hand for FY2025 (the Cardinal and its health center LLC), with its statutory reserve met by a bank letter of credit.PDF
Also in Raleigh
- Hayes Barton Place
Raleigh
Entrance fee: Not disclosed in the 2026 filing
- Springmoor Life Care Retirement Community
Raleigh
Entrance fee: $144,500 to $622,800
- The Cypress of Raleigh
Raleigh
Entrance fee: Purchase + membership fee
Sources
- The Cardinal at North Hills — 2026 Disclosure StatementNorth Carolina Department of Insurance · filed 2026, fiscal 2025 finances · 140 pages · retrieved 2026-10-15
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