The Summit
1400 Enterprise Drive, Lynchburg, Virginia 24502
- Operator:
- Virginia Baptist Homes, Inc. dba LifeSpire of Virginia
- Ownership:
- Nonprofit
- Affiliation:
- Baptist (Baptist General Association of Virginia)
- Opened:
- Not disclosed in the 2026 filing
Owned by Lynchburg Baptist Retirement Community, LLC, a subsidiary of LifeSpire of Virginia; joined LifeSpire October 1, 2021.
- Type C (fee for service)
Figures from the 2026 disclosure statement (fiscal 2025 finances), filed with the Virginia State Corporation Commission, Bureau of Insurance.PDF
At a glance
Entrance fee, one person, every plan
Monthly fee, independent living
Refund plans offered
- Declining RefundableCan decline to nothing
- 90% RefundableNever less than 90% 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)
Residents moving to The Summit Assisted Living pay its full published daily rate, with priority access. The Summit does not provide nursing care; a cooperation agreement with the adjacent, unaffiliated Summit Health and Rehab Center gives residents priority admission, at that facility’s own charges. Each independent living resident also has a one-time Long-Term Care Benefit of $550 a month, capped at $6,600, on moving to assisted living or a nursing facility.p. 45
- Assisted living
- Published Assisted Living Daily Rate (Jan 2026: $184 studio, $218 one bedroom, $244 one bedroom grand; $150 second person). A permanent move replaces the Monthly Fee; a temporary stay is the daily rate plus the Monthly Fee. A one-time Long-Term Care Benefit pays $550 a month toward assisted living or outside nursing, up to $6,600 in total.
- Nursing care
- Not provided by the community. Residents pay all fees and charges at the adjacent Summit Health and Rehab Center (unaffiliated), plus their Monthly Fee if they keep their residence.
- Priority for a bed
- Yes, residents come before outside admissions
| Independent living | 105 |
|---|---|
| Assisted living | 43 |
| Memory care | None on campus |
| Nursing care | None on campus |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Fee for Service · Type C (fee for service) (28 prices, $133,000 to $891,000)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| Poplar (Apartment) | Declining Refundable | $133,000p. 12 | $13,000 |
| Poplar (Apartment) | 90% Refundable | $245,000p. 12 | $26,000 |
| James (Apartment) | Declining Refundable | $192,000p. 12 | $13,000 |
| James (Apartment) | 90% Refundable | $354,000p. 12 | $26,000 |
| Birch (Apartment) | Declining Refundable | $203,000p. 12 | $13,000 |
| Birch (Apartment) | 90% Refundable | $371,000p. 12 | $26,000 |
| Peaks of Otter (Apartment) | Declining Refundable | $260,000p. 12 | $13,000 |
| Peaks of Otter (Apartment) | 90% Refundable | $481,000p. 12 | $26,000 |
| Magnolia (Apartment) | Declining Refundable | $272,000p. 12 | $13,000 |
| Magnolia (Apartment) | 90% Refundable | $500,000p. 12 | $26,000 |
| Chestnut (Apartment) | Declining Refundable | $289,000p. 12 | $13,000 |
| Chestnut (Apartment) | 90% Refundable | $532,000p. 12 | $26,000 |
| Skyline (Apartment) | Declining Refundable | $296,000p. 12 | $13,000 |
| Skyline (Apartment) | 90% Refundable | $546,000p. 12 | $26,000 |
| Cumberland (Cottage) | Declining Refundable | $259,000p. 12 | $13,000 |
| Cumberland (Cottage) | 90% Refundable | $468,000p. 12 | $26,000 |
| Chesapeake (Cottage) | Declining Refundable | $279,000p. 12 | $13,000 |
| Chesapeake (Cottage) | 90% Refundable | $504,000p. 12 | $26,000 |
| Blue Ridge (Cottage) | Declining Refundable | $326,000p. 12 | $13,000 |
| Blue Ridge (Cottage) | 90% Refundable | $589,000p. 12 | $26,000 |
| Shenandoah (Cottage) | Declining Refundable | $355,000p. 12 | $13,000 |
| Shenandoah (Cottage) | 90% Refundable | $643,000p. 12 | $26,000 |
| Appalachian (Cottage) | Declining Refundable | $403,000p. 12 | $13,000 |
| Appalachian (Cottage) | 90% Refundable | $731,000p. 12 | $26,000 |
| Piedmont (Cottage) | Declining Refundable | $437,000p. 12 | $13,000 |
| Piedmont (Cottage) | 90% Refundable | $789,000p. 12 | $26,000 |
| Buena Vista (Cottage) | Declining Refundable | $493,000p. 12 | $13,000 |
| Buena Vista (Cottage) | 90% Refundable | $891,000p. 12 | $26,000 |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Fee for Service · Type C (fee for service) (14 prices, $3,127 to $4,764)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Poplar (Apartment) | Independent living | $3,127p. 12 | $1,087 |
| James (Apartment) | Independent living | $3,293p. 12 | $1,087 |
| Birch (Apartment) | Independent living | $3,437p. 12 | $1,087 |
| Peaks of Otter (Apartment) | Independent living | $3,521p. 12 | $1,087 |
| Magnolia (Apartment) | Independent living | $3,777p. 12 | $1,087 |
| Chestnut (Apartment) | Independent living | $3,829p. 12 | $1,087 |
| Skyline (Apartment) | Independent living | $3,938p. 12 | $1,087 |
| Cumberland (Cottage) | Independent living | $3,853p. 12 | $1,087 |
| Chesapeake (Cottage) | Independent living | $3,853p. 12 | $1,087 |
| Blue Ridge (Cottage) | Independent living | $3,944p. 12 | $1,087 |
| Shenandoah (Cottage) | Independent living | $4,128p. 12 | $1,087 |
| Appalachian (Cottage) | Independent living | $4,417p. 12 | $1,087 |
| Piedmont (Cottage) | Independent living | $4,554p. 12 | $1,087 |
| Buena Vista (Cottage) | Independent living | $4,764p. 12 | $1,087 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2026 | Independent living | All units | 3.75% | Percent onlyp. 13 |
| 2026 | Assisted living | All units | 4.75% | Percent onlyp. 13 |
| 2025 | Independent living | All units | 3.95% | Percent onlyp. 13 |
| 2025 | Assisted living | All units | 3.95% | Percent onlyp. 13 |
| 2024 | Independent living | All units | 4.45% | Percent onlyp. 13 |
| 2024 | Assisted living | All units | 5.45% | Percent onlyp. 13 |
| 2023 | Independent living | All units | 8% | Percent onlyp. 13 |
| 2023 | Assisted living | All units | 8.5% | Percent onlyp. 13 |
| 2022 | Independent living | All units | 5% | Percent onlyp. 13 |
| 2022 | Assisted living | All units | 5% | Percent onlyp. 13 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
Declining Refundablep. 47
A 4% administrative charge is kept; the rest amortizes at 2% a month and nothing is refundable after 50 months. Any refund is paid only after your residence is reoccupied by a new resident who has paid their entrance fee.
- Kept on move-in
- 4% of the fee
- Declines by
- 2% a month for 50 months
- Never less than
- Nothing: it can decline to zero
- Longest wait
- No limit stated
- Paid
- When your unit is re-occupied and the new resident has paid
90% Refundablep. 55
A 4% administrative charge is kept; the rest amortizes 1% a month for 10 months, leaving at least 90% of the fee net of the charge. The refund is paid only after your residence is reoccupied by a new resident who has paid their entrance fee.
- Kept on move-in
- 4% of the fee
- Declines by
- 1% a month for 10 months
- Never less than
- 90% of the fee
- Longest wait
- No limit stated
- Paid
- When your unit is re-occupied and the new resident has paid
Refund calculator
Estimated refund: $0 (0% of the fee)
When it is paid: when your unit is re-occupied and the new resident has paid. 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.
- The Summit is part of LifeSpire of Virginia Obligated Group (LifeSpire, The Culpeper, Lakewood, The Chesapeake, The Glebe, The Summit).
- Balance sheet: Virginia Baptist Homes, Inc. dba LifeSpire of Virginia and Subsidiaries (consolidated).
- Ratios: LifeSpire of Virginia Obligated Group.
- Ratios are interim figures, unaudited.
Days cash on hand
266 days FY2025p. 66
- Its lenders’ minimum: 120 daysp. 20
- Industry median: 321 days Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Debt service coverage
2.31x FY2025p. 66
- Its lenders’ minimum: 1.20xp. 20
- 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 | FY2025p. 66 | FY2024p. 66 |
|---|---|---|
| Days cash on hand | 266 days | Not disclosed |
| Debt service coverage | 2.31x | Not disclosed |
| Total assets | $561.3 million | $548.6 million |
| Total liabilities | $569.2 million | $576.6 million |
| Long-term debt | $329.7 million | $356.0 million |
| Entrance fees not yet earned (deferred revenue) | $154.4 million | $120.5 million |
| Refunds owed to residents (refundable fee liability) | $56.7 million | $68.3 million |
| Net position (assets minus liabilities) | −$7.9 million | −$28.0 million |
Auditor: CliftonLarsonAllen LLP. Opinion: Unmodified (clean) opinionp. 66
Occupancy
| Level of care | 2025p. 19 |
|---|---|
| Independent living | 96.2% |
| Assisted living | 95.3% |
| 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.
- 2025Credit rating Fitch reaffirmed LifeSpire’s BBB rating with a stable outlook.p. 17
- 2024-10 The Obligated Group issued a $168,825,000 note (Series 2024A and Entrance Fee Principal Redemption Series 2024B-1/B-2) to refund the Series 2014A bonds and 2021 Taxable Loan and fund expansions at The Glebe and The Summit.p. 15
- 2021-10Ownership change The Summit joined LifeSpire of Virginia on October 1, 2021; the purchase was financed in part by the Obligated Group’s Series 2021 bonds.p. 10
Nursing care on campus
The filing lists no nursing beds on campus, so there is no CMS nursing-home record to show.
In brief
The Summit is a LifeSpire of Virginia community on about 32 acres in Lynchburg with 105 independent living units and 43 assisted living units; nursing care is through an adjacent, unaffiliated facility. It offers a Fee for Service contract with a Declining Refundable or 90% Refundable entrance fee; 2026 entrance fees run from $133,000 to $891,000. Finances are reported for LifeSpire and its subsidiaries together, which ended 2025 with a net deficit of $7.9 million; the Obligated Group reported 266 days cash on hand against a 120-day covenant.PDF
Nearest communities in Virginia
- Westminster Canterbury of Lynchburg
Lynchburg · 7 miles away
Entrance fee: $61,376 to $560,727
- Kendal at Lexington
Lexington · 32 miles away
Entrance fee: $197,900 to $1,578,710
- The Glebe
Daleville · 37 miles away
Entrance fee: $165,000 to $875,000
Sources
- The Summit — 2026 Disclosure StatementVirginia State Corporation Commission, Bureau of Insurance · filed 2026, fiscal 2025 finances · 115 pages · retrieved 2026-10-15
Each page tab above opens this PDF at the page the figure came from. Spotted a figure that does not match its page? Tell us and it is checked against the filing.